Tancho share issuance set

Tancho share issuance set

JAKARTA (JP): PT Tancho Indonesia, a publicly listed producer
of cosmetics, perfumes and plastic goods, plans a share issuance
later this month to raise funds to finance the construction of a
plastic package factory.

The company said it expected to raise about Rp 78 billion
(about US$10 million) in cash from the sale of 78 million new
shares in the rights issue.

About 80 percent of the proceeds from the public limited
offering would be used to finance the construction of the new
factory, which is planned for a 5.4 hectare plot in the Cibitung
industrial estate, West Java.

The company said that shareholders, with one old share, were
entitled to buy one new share in the one-to-one right issue.

At an annual shareholders meeting on Tuesday, the shareholders
approved the management's proposal to pay a cash dividend of Rp
400 per share, about 70 percent of the net earning per share.

The company booked a 42.5 percent increase in sales last year
to total Rp 372.24 billion. Net profit increased nearly 95
percent to Rp 45.22 billion. (hen)