Jakarta – A private company set up last year by Indonesian President Suharto to finance the country's first passenger jet project plans to go public Feb. 17 and is looking for a clear and simple way to offer its shares, the state-run news agency Antara said Thursday.

Antara quoted the company's president, Saadilah Mursjid, who is also Suharto's cabinet secretary, as saying that in conjunction with offering the shares, the company, PT Dua Satu Tiga Puluh, will publish a brief prospectus in local newspapers between Feb. 24 and 28.

"We must seek a simple way which is understandable by the public," said Saadilah.

Suharto set up the company as a private citizen last February with the support of 50 companies to finance the construction of the 100-seater N-2130 jet by state-owned aircraft manufacturer Industri Pesawat Terbang Nusantara in the West Java capital of Bandung.

The project is estimated to cost 2 billion dollars.

One month after Suharto set up the company, the president announced he would mobilize "all of Indonesia's citizens" to fund the jet because of the huge cost of designing, producing, certifying and marketing the aircraft. He said all citizens must participate.

Each of Indonesia's 200 million citizens would be required to contribute funds equal to 10 dollars over five years or 2 dollars per year.

The company, which is the first to sell shares to the public without being listed on the Jakarta or Surabaja (East Java) stock exchanges, had previously issued two million shares with a nominal value of 1,000 dollars each, meaning one share is owned by 100 people.

However, the company announced Tuesday it is to split 400,000 of the shares into smaller shares with a 2 dollar value to facilitate acquisition of the shares by common people.

The first N-2130, which will be able to fly at speeds of up to 900 kilometers per hour, is expected to roll out of a factory in March 2002.

[Industri Pesawat Terbang Nusantara, the Nusantara Aircraft Industry is headed up by B.J. Habibie - JB]