Surya Semesta shares to cost up to Rp 2,250

JAKARTA (JP): PT Surya Semesta Internusa (SSI), which will list 20 percent of its capital on the Jakarta and Surabaya stock exchanges, plans to price its shares between Rp 1,000 and Rp 2,250 with a price earnings ratio of between eight and 10.

Surya Semesta financial director Tjandra Bachtiar said yesterday the company expected to raise between Rp 135 billion (US$57.2 million) and Rp 168 billion in next the issue next month.

The shares will have a par value of Rp 500.

Surya Semesta owns and manages industrial estates, commercial buildings and building materials plants.

Company vice president Johaness Suriadjaja said 58 percent of the proceeds would be used to finance the expansion of its industrial estates and commercial buildings, while 38 percent would be used to retire debt, and the remaining 4 percent for working capital.

PT Usaha Bersama Sekuritas will be the lead underwriter.

The company posted a Rp 25 billion net profit to September 1996 and was expected to make a Rp 48 billion net profit for 1996. This is more than double 1995's Rp 20 billion net profit.

Johaness said 71 percent of 1996's net profit was expected to come from industrial estates, 15 percent from construction, 3 percent from building materials, 3 percent from hotels and 8 percent from other business.

He said the company expected a Rp 936 billion net profit in 1997.

"The construction business is expected to contribute 13 percent, industrial estates 77 percent and other business 10 percent in profit in 1997," Johaness said.

The company expects Rp 589 billion in total revenue in 1996, up from Rp 465 billion in 1995.

Bachtiar said the company expected Rp 805 billion in total revenue in 1997, of which Rp 472 billion would come from construction, Rp 246 billion from industrial and real estate and Rp 86 billion from its building material business.

He said the company had assets worth Rp 898 billion as of last September, up from Rp 703 billion in 1995.

Ten individual shareholders own PT Surya Semesta Internusa and Benjamin Arman Suriadjaja is the majority shareholder.

Benjamin is William Soeryadjaja's younger brother. Soeryadjaja founded car maker PT Astra International.

The company is going on the road this week to promote its services in Singapore, Hong Kong, London and Edinburgh this week. (09)