Widodo family sells BWPT at discount

Two controlling shareholders of CPO producer PT BW Plantation Tbk (BWPT), that is controlled by Budiono Widodo, and foreign private equity PT Fendalton Investment, has completed a  private placement of  about 7% stake o to institutional investors at discount.

According to two sources familiar with the matter, those shareholders, which are also founder of BW Plantation, during the placement, mandated Morgan Stanley to place those stakes with the price range of 1,585-1,615 per share, representing  discount range of 5%-6.76% of the closing price yesterday (April 25) at Rp1,700 a share.

During the shares placement, the founders have set a proceed target of US$50 million. The closing is expected this morning. Settlement date is expected on May 1 2012. Read the remaining stories here or register for free subscription.

Disclosure: No position at the stock mentioned above.

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