Toto will inject capital to other company

26/5/2011

Irvin Avriano A.

Toto will inject capital to other company

JAKARTA: PT Surya Toto Indonesia Tbk, Japan-Indonesia joint venture sanitary wares manufacturer and seller, intend to invest in a company by capital injection mechanism.

Their intention reflect on information disclosed on their extraordinary general meeting of shareholder (EGM) agenda released this week. But the agenda didn't explain about the amount or the target company.

The EGM from the company, which established since 1977, scheduled to be held on 10.00 AM June 10th at Menara Peninsula, Jakarta.

The entity that commandeered by Mardjoeki Atmadiredja recorded IDR1.09 trio last year, together with IDR460.6 bio liabilities and IDR630.98 bio equity.

The listed company which shares coded TOTO booked IDR1.12 trio revenue last year, grow 14.4% from a year before IDR980.32 bio. Their gross profit booked IDR347.27 bio in 2010, grow 21.45% from IDR202.92 bio in 2009. But their net profit only grow 6%, from IDR182.82 bio in 2009 to IDR193.79 bio last year.

Last year, the company shareholders consist of Toto Ltd, Japan with 39.5% ownership, PT Suryaparamitra Abadi 25.3%, PT Multifortuna Asindo 30%, and public 5.2%. Their shares price pegged on IDR38,000 level this weekend. The price formed price to earnings ratio (PER) 9.71 times and IDR1.88 trio market capitalization.

Surya Toto listed their shares on Indonesia Stock Exchange (IDX/previously Jakarta Stock Exchange) in 1990. Surya Toto existence begin when Toto Ltd named CV Surya as the selling agent in Indonesia on 1968 that continue with the establishment of Surya Toto in the nest two years.

In 2002, the company acquired PT Surya Pertiwi Paramita, a leading vanity unit and system kitchen manufacturer. But in their latest financial statement and IDX record, there is no exist any of their subsidiary.

Based on their explanation in official website, right now they have asset in the form of land with 300,000 sqm area, building 35,000 sqm, and 3,388 employees. Their factory stands at Cikupa and Serpong.