In January 1996, the Indonesian-based company, PT Mulia Industrindo (MI) distributed 247.5 million bonus shares. This increases the number of its shares listed on the Jakarta Stock Exchange to 472.5 m…
In January 1996, the Indonesian-based company, PT Mulia Industrindo (MI) distributed 247.5 million bonus shares. This increases the number of its shares listed on the Jakarta Stock Exchange to 472.5 million and its free floating shares to 194.9 million. According to a director of MI, the company“s net sales this year are estimated to reach rupiah 560 billion and its net profit around rupiah 122 billion, so the company“s PE (price/earning ratio) this year is estimated to drop 12.7 times, compared with 22.3 times in 1995. The company“s PE, in 1996, is estimated to decline as a result of the full operation of its sheet glass and glass container plant (540,000 tonnes/year), ceramic wall tile plant and two ceramic floor tile plants (25 million sq. m./year) since the beginning of January. It was also announced that the company expected to post a net profit of 112 billion rupiah in 1996 compared with an expected 65 billion rupiah in 1995. Net sales were expected to hit 560 billion rupiah in 1996 after newly-built plants went into full operation on January 1. The statement did not give details on expected 1995 net sales but analysts said the figure was likely to hover at some 340 billion rupiah. In other news, a US$ 125 million secured FRN for PT Mulia Industrindo Finance BV has been launched at a spread of 125bp over six-month Libor. Priced at par, the issue has a re-offer price of 99.625 on a tenure of three years. Lead managers are BA Asia which ran the books, alongside BTI and JP Morgan. Fees are 75bp, split 25bp managers and underwriters, 50bp selling.