Toto to increase authorized capital
Toto to increase authorized capital
JAKARTA (JP): PT Surya Toto Indonesia, a manufacturer of
sanitary wares and plumbing fittings, will increase its
authorized capital from Rp 40 billion to Rp 150 billion, says the
company's president, Mardjoeki Atmadiredja.
He told reporters after an extraordinary meeting of the
company's shareholders here on Saturday that the planned increase
in the authorized capital is aimed at anticipating its plan to
issue bonus shares to shareholders.
According to Mardjoeki, the Investment Coordinating Board
(BKPM) has approved the company's plan to increase its authorized
capital.
He explained that a holder of five existing shares will be
entitled to three bonus shares.
Apart from bonus shares, which will be issued after the
company gets approval from the Ministry of Justice, the company
will also pay a dividend of Rp 100 on July 27 for each of the
existing shares for its 1993 operations.
Mardjoeki said Surya Toto's after-tax profit, which decreased
from Rp 13.2 billion in 1991 to Rp 3.2 billion in 1992, rebounded
to Rp 10.5 billion in 1993.
He acknowledged that the after-tax decrease in 1992 was
because the company recruited some 500 inexperienced workers to
work in its new factory, which resulted in high production costs.
The sales of the company, which exports 36 percent of its
production to 19 countries, increased from Rp 53.6 billion in
1992 to Rp 81.1 billion in 1993.
Mardjoeki said that this year the company will continue
selling 64 percent of its production on the domestic market
because increased construction of apartments and housing estates
in the country will raise demand for sanitary wares.
The company's total assets inched upward from Rp 133 billion
in 1992 to Rp 135 billion in 1993.
Surya Toto, established in 1977, operates two sanitary ware
factories which employ 2,345 workers, including 10 expatriates
from Japan.
The company is 26.3 percent owned by Toto Ltd. of Japan, 25.1
percent by PT Suryaparamitra Abadi, 25.1 percent by PT
Multifortuna Asindo, 5.7 percent by PT Intimitra Sejahtera, 4.4
percent by Kashima Trad. Co. Ltd. of Japan, and 13.4 percent by
the investing public. (03)