Two more firms plan public offerings

Two more firms plan public offerings

JAKARTA (JP): Unibank, a consumer-based commercial bank, and
Indoprima Gemilang, a producer of automotive components,
announced yesterday their plans for an initial public offering
(IPO) of shares.

Unibank will sell 38 million new shares, accounting for
around 43 percent of its enlarged shares, to the public, while
Indoprima, which is based in Surabaya of East Java, will offer
around 24 million shares, representing 33 percent of its expanded
capital.

Bonar Sutanto, the president of Unibank, said the shares
would be offered to the public next month and would be listed on
the Jakarta and Surabaya stock exchanges in early February.

Unibank, which is at present controlled by the Raja Garuda
Mas Group, expects to raise around Rp 65 billion ($29.7 million)
from the initial public offering, he said. He, however, declined
to explain about the indicative price of the shares.

Bonar said that around 70 percent of the IPO proceeds would
be used to strengthen the bank's capital base, 15 percent to
expand branch networks and the remaining 15 percent for human
resources development.

Unibank, which recorded total assets of around Rp 734
billion (US$340 million) as of June, expects pretax earnings of
around Rp 15.2 billion this year and around Rp 25.5 billion next
year.

Soewando Basuki, the president of Indoprima Gemilang, said
his company's IPO would be launched next month to raise funds of
between Rp 60 billion and Rp 65 billion to finance expansion
projects.

"The public offering period will be in the second week of
December, while the listing on Jakarta and Surabaya stock
exchanges will be made in the first week of January," he said.

Indoprima, which produces automotive components ranging from
brake lining, wire horns to disc pads in its plant in Surabaya,
is a major supplier of car components in the country, he said.

"We are quite upbeat about our business prospects, with the
growing demand for both passenger and commercial vehicles in the
country," he said.

The company's sales increased to Rp 84.4 billion in 1993
from Rp 63.2 billion in 1992, with after tax profits rising to Rp
5.4 billion from Rp 1.9 billion.

The sales and after tax profits in the first semester of
this year amounted to Rp 56.6 billion and Rp 4.6 billion,
respectively.(hen)