Jan 18, 2012

Ciptadana helps Alam Sutera rights issue

A property developer PT Alam Sutera Tbk (ASRI) has picked PT Ciptadana Sekuritas as an arranger for non-preemptive rights of 1.78 billion shares at Rp440 a share.
During the non-preemptive rights, Alam Sutera's founder aims to keep maintaining its stake by exercising its rights of 939.81 million shares or 52.6%.
The remaining shares of 846,43 million shares will be exercised by public investor. Due to lock-up period for 1 year, public investor who is willing to buy the rights have asked the founder to place of the shares at Rp440.
Alam Sutera is controlled by Argo Manunggal Group. Argo Manunggal Group controls Alam Sutera via several firms such as PT Argo Manunggal Land Development that owns 3.97% stake, PT Tangerang Fajar Industrial Estate with 16.70% stake, PT Manunggal Prima Development with 11.42%, PT Selarsa Citamanunggal with 11.86%, and PT Bukit Asri Padang Golf with 5.94%. Public shareholders own 50.11% stake in Alam Sutera.
Alam Sutera's Commissioner Harjanto Tirtohadiguno is key person of Argo Manunggal Group, while the remaining executives in board of commissioner are professional.
Disclosure: No position at the stock mentioned above.
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