Bumi Serpong to Sell 30% Shares to Get IDR2 Trillion

PT Bumi Serpong Damai (BSD) has planned to sell 30% shares in an initial public offering to generate IDR2 trillion of capital.
An executive getting involved in the transaction said the company has assigned CLSA as the underwriter.
"The IPO will be at the second half of the year at the latest while the first half is also possible. It will use the money to expand its business," he said last week.
He said that the performance of BSD will keep growing amid the decline in interest rate. "With the BI Rate of 8%, it will be easier for customer to buy houses."
BSD is the developer of BSD City Real Estate with the total areas of 6,000 hectares that will be developed in three steps. The first step is 1,300 hectares, the second step is 2,400 hectares and the third one is 2,300 hectares.
As of 2006 the company has developed 20,000 houses, 4,000 multi purposes houses, and the population of the city is 100,000.
BSD also has developed 11 lakes at the total of 23 hectares.