Property developer PT Alam Sutera Realty Tbk (ASRI), that is controlled by Argo Manunggal Group, may secure a proceed of Rp712.73 billion from rights issue.
Alam Sutera has made the non-preemptive rights issue at Rp399 per share with the issuance of 1.78 billion new shares.
According to the company's announcement, it will seek an approval from shareholders via extraordinary meeting scheduled on November 25 2011.
As of September 2011, Alam Sutera is owned by PT Tangerang Fajar Industrial Estate with 16.7%, PT Manunggal prime Development of 14.1%, PT Selaras Citamanunggal of 11.9%, and PT Bukit Asri Padang Golf of 5.9%.
Disclosure: No position at the stock mentioned above.
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