Jun 8, 2011

Metland downsizes IPO to 25%

Property developer PT Metropolitan Land Tbk (Metland) has downsized size of initial public offering (IPO) to 25% of its enlarged capital from initial plan of 30% as the market demand is not too strong.
As a result, Netstar Holdings Limited, a shareholder of the developer, dropped its plan to sell 9.94% or 378.97 billion shares during the IPO. Netstar is now controlling 19.76% shareholding or 1.12 billion shares in Metland.
Metland and its underwriters, PT Danareksa Sekuritas and PT DBS Vickers Indonesia, have agreed to set the IPO price at Rp240 a share, the lowest level of the IPO range within Rp240-Rp300. "Netstar dropped the shares disposal as it expects that Metland's price may go up in the future," said Metland Corporate Secretary Olivia Surodjo, as quoted by Bisnis Indonesia daily today.
Metland initially planned to sell 30% of its enlarged capital or 2.27 billion shares, consisting of 1.89 billion new shares and 378.97 billion existing shares. Netstar was founded on December 8 2003 in British Virgin Island. Netstar is wholly owned company of Marston International Limited.
 
Disclosure: No position at the stock mentioned above.

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