Property developer PT Pakuwon Jati Tbk (PWON) launched a Rp1.3 trillion-Rp1.36 trillion rights issue by issuing 2 billion new shares within the price range of Rp650-Rp680 per share.
In the rights issue prospectus, the proceed will be used by Pakuwon Jati to acquire 99.99% stake in PT Elite Prima Hutama by end of this year worth Rp1.3 trillion. Pakuwon also plans to use the proceed as working capital.
Burgami Investments Ltd, PT Pakuwon Arthaniaga, Raylight Investment Ltd, and Concord Media Investments Ltd are acting as the standby buyers for the rights issue. Potential dilution of these corporate action is 16.67%.
Disclosure: No position at the stock mentioned above.
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