PT Delta Dunia Makmur Tbk expected to tap some US$460 million funds by offering 24-38 percent stocks at the par value of IDR1,350-1,700.
Dealing with the placement here, PT Deutsche Securities is said to walk out as the book runner and replaced by PT Bahana Securities. The other three remaining underwriters include PT Macquarie Securities, PT Danareksa Sekuritas, and PT CLSA Indonesia as the coordinator.
Dealing with the placement here, PT Deutsche Securities is said to walk out as the book runner and replaced by PT Bahana Securities. The other three remaining underwriters include PT Macquarie Securities, PT Danareksa Sekuritas, and PT CLSA Indonesia as the coordinator.
Delta Dunia plans to sell 1.62 billion stocks with green shoe option of 980 million shares or 14.43 percent. The number here reflects 24-38 percent of the total shares issued by the company.
The stocks are offered at a par value of IDR1,350-1,700 and thus the company is potentially to tap up US$460 million or IDR4.42 trillion.
The stocks are offered at a par value of IDR1,350-1,700 and thus the company is potentially to tap up US$460 million or IDR4.42 trillion.
The placement period was opened yesterday and to be closed November 5 which will then continue with the stock allocation on June 6 referring to the success of Delta in acquisition of PT Bukit Makmur Mandiri Utama (Buma).
To help ease the placement, the management held road show to Singapore last week. The vendor was Mosaic Capital. Northstar Pacific Partners which was expected to acquire up to 40 percent Delta stocks was set to lock up its ownership up to six months following the transaction. Northstar will acquire Delta by buying from the former shareholders.
Shareholders of Delta Dunia include PT Texta Indonesia with 49.02 percent shares owneship, Benny Wirawansa 26.09 percent, and Edy Suwarno 7.52 percent. The incoming Northstar was marked by the change of Delta Dunia management approved by the extraordinary general meeting of shareholders (EGMS) September.
The company plans to have another EGMS November 11 on management change agenda.
Delta Dunia is owned by Edy Suwarno that has been acquiring all Buma shares worth US$500 million. The company sold five years tenured bonds worth US$315 million to finance the acquisition, attained US$285 million bank loans and thus the total loans stand at US$600 million. The fund generated from bond issuance will be allotted for Buma bank loan refinancing worth US$366 million and acquisition by Delta Dunia as the would-be holding firm worth US$260 million
Shareholders of Delta Dunia include PT Texta Indonesia with 49.02 percent shares owneship, Benny Wirawansa 26.09 percent, and Edy Suwarno 7.52 percent. The incoming Northstar was marked by the change of Delta Dunia management approved by the extraordinary general meeting of shareholders (EGMS) September.
The company plans to have another EGMS November 11 on management change agenda.
Delta Dunia is owned by Edy Suwarno that has been acquiring all Buma shares worth US$500 million. The company sold five years tenured bonds worth US$315 million to finance the acquisition, attained US$285 million bank loans and thus the total loans stand at US$600 million. The fund generated from bond issuance will be allotted for Buma bank loan refinancing worth US$366 million and acquisition by Delta Dunia as the would-be holding firm worth US$260 million
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