Two companies to sell shares to public

Two companies to sell shares to public

JAKARTA (JP): A property company and a manufacturer of plastic
housewares and electrical appliances will offer new shares to the
public next month.

PT Mulia Intipelangi, a property company, will sell 25 million
new shares, that will account for 17 percent of its enlarged
common stock, while PT Ria Star Indonesia, a plastic housewares
and electrical appliance producer, will sell six million shares,
that will account for 32.43 percent of its enlarged shares.

Frank Taira Supit, president of PT Sigma Batara, the
underwriter for the Mulia Intipelangi issue, said yesterday that
Mulia Intipelangi will use the funds from the public offering for
the construction of a Jakarta superblock.

He said the new shares, each with a nominal value of Rp 1,000
(46.4 U.S. cents), will be listed on both the Jakarta and
Surabaya stock exchanges.

He said he could not specify the price of the new shares or
when they will be offered to the public since the plan has not
yet been approved by the Capital Market Supervisory Agency
(Bapepam).

"We hope we will sell the new shares at around Rp 2,850 each,"
he said.

A director of Mulia Intipelangi, Haryanto Thamrin, said his
company expects to generate Rp 71 billion from (US$32.9 million)
from the share issuance and will use the money to pay for the
construction of a Rp 770 billion superblock consisting of eight
36-story apartment towers and a shopping mall.

He said most of the cost for the superblock construction will
be financed with advanced payments from buyers, who will be
required to pay at least 30 percent of the apartment price before
it is constructed.

Another director of Mulia Intipelangi, Tjahja Sathiadi, said
that 85 percent of the planned 2,800 apartments have been sold.

Thamrin explained that the superblock, to be called Taman
Anggrek Mall & Condominium, will be constructed on 64,000-square-
meters in Slipi, West Jakarta. The construction of the shopping
mall will be completed next year and the apartments in 1996.

Mulia Intipelangi is a subsidiary of PT Mulialand, which owns
and manages a number of office buildings, including the Lippo
Life Building, Mulia Center, Kuningan Plaza and Plaza 89 on Jl.
H. Rasuna Said, South Jakarta, as well as the Mulia Tower on Jl.
Gatot Subroto, South Jakarta and the BRI II building on Jl.
Jendral Sudirman, Central Jakarta.

Mulialand is a property division of the Mulia Group, whose
major shareholders are the brothers Joko S. Tjandra and Eka
Tjandranegara.

Ria Star

The president of the Surabaya-based Ria Star, Ridwan
Soegijanto Harjono, told a press conference yesterday that 50
percent of the funds to be generated from the share issuance will
be allocated to finance the expansion of the company's
production, 28 percent to improve its working capital and the
rest to pay debts.

"We will procure new injection machines to manufacture plastic
housewares and acquire four hectares of land for a new site for
the production of electric appliances." Ridwan said.

He said his company, which currently holds equity of Rp 12.5
billion, expects to generate Rp 6 billion from the sale. He
declined to mention the selling price of the new shares.

Ridwan did not mention the total debts of the company, but its
financial report shows that the company, as of March 31, 1994,
had total liabilities of Rp 9.5 billion ($4.4 million).

The new shares will likely be offered to the public on July
19-22 and be listed on both the Jakarta and Surabaya stock
exchanges on Aug. 19, he added.

He said Ria Star's after-tax profit increased by 32.17 percent
from Rp 1.2 billion in 1992 to Rp 1.6 billion last year, while
its net sales increased by 40.56 percent from Rp 10.45 billion to
Rp 14.69 billion.

The company's marketing director, Darmawan Soegijanto Harjono,
said 75.9 percent of the company's housewares are exported to the
Middle East, Britain, Singapore and Australia and 26.7 percent of
its electrical appliances are exported to Singapore and Middle
Eastern nations.

The company's operations director Liannik said the company
imports raw materials from Belgium, South Korea and Japan.(09/02)