Two companies to offer shares to public soon

Two companies to offer shares to public soon

JAKARTA (JP): Two companies will offer shares to the public in the coming two months to raise funds of around Rp 190 billion (US$85.3 million) to finance the expansion of their business activities.

Mooryati Soedibyo, president of PT Mustika Ratu Investama, a company producing herbal medicines and cosmetics, said in a presentation for securities analysts yesterday that her company will offer 27 million new shares with a face value of Rp 500 each in an initial public offering period from July 4 to July 6.

She said that the new shares, which will account for 25.23 percent of the company's enlarged capital, will be listed on the Jakarta Stock Exchange on July 27.

The company expects to get around Rp 70 billion from the share issuance and will use it for the procurement of new production equipment and the strengthening of its marketing networks, she said.

PT W.I. Carr Indonesia will act as underwriter for the share issuance, she added.

Mooryati reported that the company's sale revenues increased to Rp 66.3 billion last year from Rp 48.2 billion in 1993, while its net profit rose to Rp 7.5 billion from Rp 4.06 billion.

Meanwhile, Edward H. Hadidjaja, president of PT Sinar Mas Multiartha, a finance firm, said that his company will offer 60 million new shares or about 11.76 percent of its enlarged capital to the public in June.

Hadidjaja said that the shares, with a face value of Rp 500 each, is expected to raise between Rp 105 billion and Rp 124.5 billion, which will be used to finance the expansion of its factoring and leasing business.

He said that the new shares will be listed on the Jakarta and Surabaya Stock Exchanges in July.

PT Trimegah Securindolestari, he said, will act as managing underwriter for the share issuance.

Hadidjaja said Sinar Mas Multiartha reported that its net income increased from Rp 2.20 billion in 1993 to Rp 20.25 billion last year. (32)