Aug 16, 2011

Jababeka rights issue set at Rp250

Property developer and dry port company PT Kawasan Industri Jababeka Tbk (KIJA) today announces a 6.04 billion new shares rights issue at the exercise price of Rp250 per share, entitling the company with the proceed of Rp1.51 trillion.
Every holder of 500 existing shares of Jababeka will entitle 219 rights to buy new shares to be issued by the company. Cum-rights in the regular and negotiation markets is scheduled on September 27 and cash market on October 3. To proceed the rights issue, Jababeka aims to hold extraordinary general meeting on September 20 2011.
According to the rights issue prospectus, Jababeka will use the proceed to acquire 100% shareholding in PT Banten West Java Tourism Development (BWJ) and 21.63% stake in PT Tanjung Lesung Leisure Industry (TLLI).
Under conditional sales and purchase agreement signed on August 3 2011 between Jababeka and the sellers namely Green Emerald Investment Ltd, PT Nusansa Duta Pratama, PT Buma Sakti Inti Pratama, PT Sapta Manunggal Investama, PT Tanjung Lesung Paradise, Bramelis Investment Ptd, and Meadwood Capital Ltd, Jababeka will pay the acquisition of BWJ with promissiory notes of Rp1.50 trillion.
Green Emerald Investment Ltd and Meadowood Capital Ltd are acting as the standby purchasers for the rights issue.
Banten West Java is developer of tourism integrated area in Tanjung Lesung with total area of 1,500 hectares. Tanjung Lesung is 170 km distance from Jakarta. BWJ is owned by Meadowood Capital of 77.72%, Green Emerald Investment of 10.29%, Bramelis Investment of 5.12%, PT Nuansa Duta Pratama of 2.29%, PT Bima Sakti Inti Pratama of 2%, PT Tanjung Lesung Paradise of 1.72%, and PT Sapta Manunggal Investama of 0.86%.
President Director and President Commissioner of Banten West Java are Setiawan Mardjuki and Tjahjadi Rahardja.
Tanjung Lesung Leisure is owned by BWJ of 78.37% and PT Sapta Manunggal Investama of 21.63%. President Director and President Commissioner of Tanjung Lesung are Johandi Kumaheri and Setiawan Mardjuki. Responding to the announcement, Jababeka stocks today is up 4.71% to Rp200 per share.

Disclosure: No position at the stock mentioned above.

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