Tempo to sell 17.5 million shares in June
Tempo to sell 17.5 million shares in June
JAKARTA (JP): PT Tempo Scan Pacific, a subsidiary of the Tempo
Group of pharmaceuticals and cosmetics companies, will sell 17.5
million new shares in June to finance its business expansion,
strengthen capital structure and repay its loans.
Agus Projosasmito, the vice president of PT Gajah Tunggal DBS
Securities, the corporate underwriter for the shares, said here
yesterday that the initial public offering (IPO) is expected to
raise between Rp 130 billion (US$60.5 million) and Rp 145
billion.
Approximately 60 percent of the funds will be allocated for
purchasing new production facilities, 30 percent for paying its
outstanding loans and 10 percent for strengthening capital
structure, Agus said.
The company's president, Dian. P. Tamzil, said that the
company is 99.7 percent owned by PT Bogamulia Nagadi and 0.3
percent by eight senior members of management. After the IPO, the
company will be 76.5 percent owned by Bogamulia Nagadi, 23.3
percent by the public and the remaining 0.2 percent by the eight
individuals.
According to Agus, the shares will offer a Price Earning Ratio
(PER) of 14 or 15 times.
The company's vice president, Handojo S. Muljadi, said that he
was optimistic about the companies PER despite the sluggish
condition of the Jakarta Stock Exchange. He said that this was
because TSP has a solid fundamental operation.
Handojo said, the company's net sales increased from Rp 77.6
billion in 1991 to Rp 113.3 billion in 1992 and to Rp 131.5
billion in 1993.
The company's after-tax profit decreased from Rp 2.7 billion
in 1991 to Rp 1.2 billion in 1992 but rose back to Rp 5.4 billion
in 1993.
TSP's total assets increased from Rp 124.4 billion in 1992 to
Rp 141.8 billion in 1993.
The company has 12 subsidiaries, four of them are involved in
manufacture of pharmaceuticals and vitamins with trade marks of
Bodrex, Bodrexin and Hemaviton. The other eight are engaged in
the production of personal care equipment and cosmetics with
trade marks of Estee Lauder, Clinique, Aramis and Hugo Boss.
The company and its underwriter will hold a road show going to
Singapore and Hong Kong.(03)