Tunas improves liquidity

JAKARTA (JP): The founders of publicly-listed PT Tunas Ridean will sell 14.5 million shares or 15.6 percent of the company to the public to improve the stock's liquidity.

The company's founders, PT Tunas Andalan Pratama, PT Bavarindo Sarana, Anton Setiawan and Suliawati Tjokro, will divest 8.8 percent, 5.5 percent, 0.62 percent, and 0.62 percent respectively.

But the company did not say whether the shares would be sold through the stock exchange or placed directly.

The divestment means the investing public's stake will increase from 30.12 percent to 45.7 percent.

In May 1995, PT Tunas offered 30.12 percent or 28 million shares to the public. Jardine International Motors Holdings BV bought 25 percent of the shares and the public 5.12 percent.

The company, which operates in trading, services, and as a Toyota, Daihatsu, BMW, Peugeot cars and Honda motorcycle dealer also plans to split its stock and distribute bonus shares. (bnt)