Nov 29, 2011

Pakuwon Jati sets rights issue at Rp650

Property developer PT Pakuwon Jati Tbk (PWON) finally issued 2.01 billion shares from its portfolio or 20% of its capital at the exercised price of Rp650, entitling the developer with Rp1.30 trillion proceed.
In the final prospectus published today, each holder of five existing shares will entitle one pre-emptive right to buy one new share from the portfolio.
Burgami Investments Ltd, BSL Investments, PT Pakuwon Arthaniaga, Raylight Investments Limited, and Concord Media Investments Ltd, the shareholders of Pakuwon Jati, have committed to be standby buyers for the rights issue.
Pakuwon Jati will use Rp1.30 trillion of the proceed to acquire 457.49 million shares or 99.99% in PT Elite Prima Hutama, a property company that is focusing on development and management of apartment and shopping center.

Disclosure: No position at the stock mentioned above.

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