Toll road developer plans to float 122m in stocks

Toll road developer plans to float 122m in stocks

JAKARTA (JP): PT Citra Marga Nusapahala, a major toll road
developer, will offer new shares to the public next month to
raise funds for the construction of a new toll road.

The number of shares to be offered will be approximately 122
million which represents 24.4 percent of the company's enlarged
number of stocks.

The new shares, each with a par value of Rp 500 (22.8 U.S.
cents), will be listed on the Jakarta and Surabaya stock
exchanges in January.

At present, Citra Marga, which developed the elevated toll
road linking Tanjung Priok in North Jakarta with Cawang in East
Jakarta, is jointly owned by Yayasan Purna Bhakti Pertiwi, PT
Jasa Marga, PT Bhaskara Dunia, PT Krakatau Steel, PT Indocement
Tunggal Prakasa and PT Citra Lamtoro Gung Persada.

The company's president, Siti Hardiyanti Rukmana, said about
50 percent of the funds expected to be raised will be used to
finance the construction of a new toll road linking Tanjung Priok
and Pluit, one of the most crowded traffic routes in North
Jakarta. The remaining funds earned from the shares will go
towards the repayment of the company's debts.

Hardiyanti, more often called by her nickname Mbak Tutut, said
that her company issued bonds last year worth approximately Rp
275 billion (US$127.9 million) to partly finance the construction
of the new toll road, which is now under construction.

The company, which suffered a loss of about Rp 22.4 billion in
1991, projects a net income of Rp 58.7 billion this year. The net
income is estimated to reach Rp 108.1 billion in 1996 when the
new toll road is fully utilized. (hen)