The company was established on April 6, 1973 and the Company has listed its shares in Jakarta Stock Exchange and the Surabaya Stock Exchange for its 7.000.000 shares on June 6, 1990.

On December 10, 1992, the company received notice concerning the effectivity of the Registration Statement of 95.000.000 shares for the Right Issue to shareholders and these shares were listed in the Jakarta Stock Exchange and The Surabaya Stock Exchange on April 6, 1993. In 1996 the company was made stock split and reduced the nominal value of shares to Rp.500 per share.

In accordance with the resolution of the Extraordinary General Meeting of Shareholders dated 8 October 2004, the Company has approved to execute the increase of the capital paid up without preemptive right (HMETD) by Conversion Debt Creditor, for the amount of 176.571.000 shares at nominal value Rp.500 per share or total amount is Rp.88.285.500.000.

The deed of the resolution of meeting regarding the issuing new share for 176.571.000 shares or Rp.88.285.500.000 was approved by the Minister of Law and Human Rights on November 5, 2004.

As of December 31, 2004 portion of total Company's shares i.e.: 523.000.000 shares (before conversion shares without pre-emptive right) were listed in The Jakarta Stock Exchange and the Surabaya Stock Exchange. While the application for listing new shares for 176.571.000 share is in process in the Jakarta Stock Exchange. The Company's factory is located in Bandung and the scope of the business comprises the processing of raw materials (polymerization), twisting, spinning, weaving textile industry as well as general trading. Commercial production of the textile industry started in 1974 while the first unit of polymerization activities started in 1990 and the second unit in 1993.

As of December 31, 2004: the ownership of shares in the subsidiary, PT. Panasia Filament Inti (Panafil) was diluted and decreased to 22, 85% due to the conversion debt into equity by one of the Creditor from Panafil as of October 8, 2004. The scope of business of this subsidiary (Panafil) is in the field of textile industry (fabric).

On June 17, 1997 Panafil received notice concerning the Effectivity of Registration Statement for public offering 50 million shares and as of 31 December 2004, the Panafil shares i.e.:share series A for the amount of 250 million shares were listed in Jakarta Stock Exchange and the Surabaya Stock Exchange. Meanwhile the issuing new share due fro Debt Equity Swap for 625.357.000 shares series B is in process in the Jakarta Stock Exchange.

FACTORY LOCATION

PT. Panasia Indosyntec
Land and building of first polymer, second polymer plant of yarn and fiber division, located at Jl. Moch. Toha Km. 6,8 Cisirung Bandung.
Net book value as of December 31, 2004 yarn and fiber division was Rp.665.853 million.

PT. Panasia Filament Inti (Panafil)
Land and building of Panafil consist of several operational units i.e.:

  • Weaving Unit I, located at Jl. Moch. Toha Km. 6,8 Bandung
  • Weaving Unit II and Processing Finishing Unit located at Jl. Cisirung No.101 Bandung
  • Weaving Unit III is represents an ultramodern textile plant, located at Jl. Cisirung No.95 Bandung
    • Net book value as of December 31, 2004 was Rp.423.580 million.