Jul 11, 2011

Laguna to set Rp500 bio rights issue

Property developer PT Laguna Cipta Griya Tbk plans to hold a Rp500 billion rights issue by end of this year. The proceed will be used to expand business.
President Director Alwi Bagir Mulachela said Laguna will develop superblock project as well as apartments and business and commercial area in September this year on 20 hectares of land.
To realize the plan, Laguna Cipta is exploring several options such as bank loan and rights issue as its cash position is currently at Rp10 billion.
Laguna requires Rp2 trillion-Rp2.5 trillion investment for the projects. The company will fulfill Rp1.5 trillion and the remaining will be coming from strategic partners. The company is in talks with PT Bank CIMB Niaga Tbk and PT Bank Tabungan Negara Tbk.

Disclosure: No position at the stock mentioned above.

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