DHARMALA Holdings, the Indonesian-controlled trading and agency firm, saw its $113.4 million public offer 27.4 times subscribed, the company says. The group offered 120 million shares at $1.05 each, with funds raised to be channelled into expansion of its agricultural commodities business and the development of a joint-venture plant in Shandong to produce edible oil, compound feed and food-related products. Of the offer, 12 million shares were taken up by employees on a preferential basis, with the rest drawing in applications for 2.96 billion shares, or $3.11 billion. Managing director Bernard Pouliot said: ''The level of over-subscription shows keen investor confidence in the group and its core operations.'' Dharmala's main business is agricultural commodity trading and distribution, specialising in industrial products. It saw its flotation coincide with a rally on the local stock market, fuelled by American and overseas cash. The group is also involved in financial services. It has offices in Hong Kong and the Philippines. The issue, which was sponsored by Standard Chartered Asia, offered warrants with the shares. One warrant was attached to every five shares. The company plans to expand distribution further into China and other Asian countries such as Vietnam. Dharmala also plans industrial joint ventures in China.