Taxi firm's bonus shares

Taxi firm's bonus shares

JAKARTA (JP): PT Steady Safe, a publicly listed transportation company, announced yesterday that its shareholders had approved a plan on the split of its stocks and the distribution of bonus shares worth Rp 29.5 billion (US$ 13.2 million).

Jopie Widjaja, the company's president, said that every two existing shares, after the split, will be eligible for one bonus share.

He also declared the distribution of a dividend of Rp 175 per share.

He said the company, which expanded its fleet to 2,700 taxi cabs, 48 buses and 25 limousines in 1994, has been licensed by the government to add 200 units of air-conditioned buses and to operate 200 buses of the state-owned PPD bus company under a build, operate and transfer arrangement beginning next month.

Steady Safe's net profit increased from Rp 6.7 billion in 1993 to Rp 20.2 billion in 1994, while its total assets grew by 164 percent from Rp 57.5 billion as of the end of 1993 to Rp 151.8 billion as of last December.

He added that the company's equity increased by 127 percent from Rp 48.9 billion as of 1993 to Rp 111 billion as of 1994. (32)