Suryamas Dutamakmur to offer shares to public

Suryamas Dutamakmur to offer shares to public

JAKARTA (JP): PT Suryamas Dutamakmur, a real estate developer,
will offer 80 million new shares to the public next month to
raise funds to finance the construction of two projects in Bekasi
and Rancamaya, both in West Java, an executive said.

The new shares will account for 15.27 percent of the company's
enlarged capital, the company's president, Kenneth Lian, told
reporters after a presentation to securities analysts yesterday.

He said the new shares will be sold during an initial public
offering period set tentatively for the middle of September.

"The exact date will be decided after the company conducts an
international road show for a promotion to potential overseas
investors," he said.

The shares, each with a par value of Rp 500 (22 U.S. cents),
will be offered at about Rp 1,200 each.

Kenneth explained that 78 percent of the funds to be raised
from the share issuance would be used to finance land purchases
through its subsidiary, PT Centranusa Majupermai, for the
establishment of the Bekasi Township housing complex and the
other 22 percent to improve the working capital for constructing
the Rancamaya project.

"We will not use the funds to pay our debts," he said.

Avi Y. Dwipayana, president of PT Trimegah Securindolestari,
the underwriter of Suryamas's share issuance, said that the new
shares were likely to be listed on the Jakarta and Surabaya Stock
Exchanges.

Kenneth reported that during the January-April period, his
company recorded net sales of Rp 41.35 billion and an after-tax
profit of Rp 15.096 billion.

Suryamas Dutamakmur's net sales increased to Rp 40.21 billion
last year from Rp 17.6 billion in 1993, while its after-tax
profit rose to Rp 5.76 billion from Rp 4.46 billion.(31)