Dec 24, 2010

Bumi Serpong closes DUTI takeover

Property developer under Sinarmas Group PT Bumi Serpong Damai Tbk (BSDE) has completed acquisition of 1.58 billion stake or 85.31% holding of capital paid-in in affiliated property company PT Duta Pertiwi Tbk (DUTI) on December 3.
Bumi Serpong Vice President Director Welly Setiawan Prawoko said in an official statement to Indonesia Stock Exchange (IDX) yesterday Bumi Serpong has used proceed of the first rights issue to bankroll the acquisition.
Bumi Serpong also used the proceed to participate in 15.26 million new shares or 60% of capital paid-in in PT Sinar Mas Teladan on December 17.
Bumi Serpong utilized the rights proceed to participate 50.36 million new shares or 55% of capital paid-in in PT Sinar Mas Wisesa on December 17.
Bumi Serpong offered 6.56 billion new shares during the rights issue. Based on preemptive rights, about 6.42 billion shares had been exercised.
The company also received additional subscription of 286.14 mmillion shares for the rights issue, 136.76 million shares of allotment.
Post the rights issue, Bumi Serpong's outstanding shares increased to 17.49 billion shares from 10.94 billion shares. 

Disclosure: No position at the stock mentioned above.  

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