A property developer under Sinar Mas Group, PT Bumi Serpong Damai Tbk (BSDE), and private placement sole arranger Macquarie Securities, tonight bets its fortune by offering 1.53 billion shares or approximately 14% at discount price range to investors.
A source familiar with the matter said Macquarie few hours ago just sent out shares sale memo to investors with hope that BSDE's founders enable to grab US$160 million in cash.
"Macquarie is trying to grab US$160 million in cash by offering BSDE shares at the price range of Rp600-Rp750 per share, steep discount from market closing level today," the source said to Insider Stores.
BSDE today fell Rp10 to Rp780. Referring to the closing price, the placement price is offered at 3.85%-23% discount. Macquarie and Bumi Serpong are also offering potential upsize of 656 million shares or 6% shares.
The source said last week saw a tough way for Macquarie when it tried to offer BSDE to investors at a higher price.
Some said Macquarie already gave up considering the 'cold' responds from investors. "Offering property companies to investors is uneasy, given Bumi Serpong is an affiliated firm of Sinar Mas Group. They can sell BSDE at a discount," a foreign investment banker said.
Paraga Artamida controls 37% stakes or 4.05 billion shares in Bumi Serpong, while Warner Investments owns 31% stakes or 3.39 billion shares. Serasi Niaga Sakti holds 6%.
During a private placement tonight, Warner Investments, PT Serasi Niaga Sakti, and PT Pembangunan Jaya will divest their shares in Bumi Serpong.