A property arm of Sinarmas Group, PT Bumi Serpong Damai Tbk (BSDE), is on the way to offload up to 18,20% stakes or 2 billion shares into the market, following a successful story of PT AKR Corporindo Tbk (AKRA)'s market placement.
A source familiar with the matter said Bumi Serpong's placement will be arranged and advised by Macquarie Securities.
"Book building should be scheduled late evening today. But, considering a gloomy market, Macquarie and Bumi Serpong determine to delay the sale until next week," the source told Insider Stories.
Assuming BSDE's placement will be done at Rp850 per share, the company's founder will grab Rp1.7 trillion of fresh capital from the market.
BSDE stock closed 2.30% down to Rp850 to day, sending Rp9.29 trillion market capitalization. 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%.
Bumi Serpong's Director Hermawan Wijaya said he doesn't acknowledge about the sale. "It is share holders domain and we hasn't needed additional cash," he said.
The company canceled an extraordinary general meeting due to inflexibility of nonpreemptive rights regulation. "We think 1 year locked up after placement won't help trading liquidity. This is why we scrap the meeting."