Aug 22, 2011

Summarecon considers rights issue

Property developer PT Summarecon Agung Tbk (SMRA) is considering to issue bonds or rights in a bid to grab Rp600 billion. The proceed will be used by the company to acquire land bank.
Summarecon Director Michael Yong said the company requires Rp600 billion to buy 20 hectares of land in Serpong, Bekasi, and Bandung.
"To buy land, properti is not allowed to use bank loan facility. This is why we are exploring several fund raising options such as bonds or rights issue," he said as quoted by Bisnis Indonesia today.

Disclosure: No position at the stock mentioned above.

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