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)