INDONESIAN poultry company Anwar Sierad has presented details of an offering of 18 million shares, or 29 per cent of its enlarged share capital, to Hong Kong investors. The company hopes to raise between 66.6 billion rupiah (about HK$239 million) and 81 billion rupiah from the offering, which is scheduled to go public later this month, to raise working capital, fund expansion plans and repay debts. Anwar Sierad is one of the largest poultry companies in Indonesia, a largely Muslim country where pork is forbidden and where beef is expensive, at almost twice the price of poultry. The firm claims to be the most fully integrated poultry company in Indonesia, with operations covering poultry equipment distribution, day-old chicks, contract farming, slaughterhouses and fast-food retailing. In April last year, the company issued US$10 million in convertible bonds to a limited number of venture capital investors, including CEF New Asia and Wardley Asia-Pacific Investment. The proceeds from these bonds were used to fund a feed-mill and poultry processing plant. Anwar Sierad's president-director said: ''We believe their investment in our company is an endorsement of their confidence in our business.'' In a report on the company, Lippo Securities, part of the underwriting group along with Swiss Bank Corp, said Anwar Sierad had shown an impressive pace of development. ''Within 12 years of establishment, through a series of expansion and acquisitions, the company has grown to become one of Indonesia's leading poultry producers,'' the report said. With an issue price of 3,750 to 4,500 rupiah, Lippo Securities forecast earnings per share of 271 rupiah this year, rising to 370 rupiah in 1994.