Jan 16, 2012

Alam Sutera upsizes rights issue

Property developer PT Alam Sutera Realty Tbk (ASRI) has jacked up a proceed from rights issue to Rp783.2 billion from an initial target of Rp710.22 billion.
In an official announcement sent to Indonesia Stock Exchange today, Alam Sutera said the company has set its rights issue at Rp440 a share from Rp399.
The company plans to issue 1.78 billion new shares of non-preemptive rights this month. Alam Sutera will use the proceed to acquire land bank in Pasar Kemis and Serpong as well as strengthening its capital.

Disclosure: No position at the stock mentioned above.

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