PT Bakrieland Development Tbk plans to have IDR5.4 trillion rights issue to acquire 15,000 hectare plots of land.
The company plans to issue 33.75 billion rights issue. The generated cash will be allotted for the acquisition in Jakarta and eastern to south of Bogor, West Java.
The rights issue here is 169 percent higher than the current Bakrieland stocks of 19.96 billion. Each former shareholder will have the rights to buy 1.7 rights issue and thus the ratio of rights issue is 1:1.7 times.
Property developer as the business unit of Bakrie Group will use the rights issue funds to acquire 20 percent shares of PT Sentul City Tbk. The acquisition is deemed strategic partnership so that the company could enter to PT Bukit Jonggol Asri, one of Sentul City units, to possess land bank of the company.
The rights issue here is 169 percent higher than the current Bakrieland stocks of 19.96 billion. Each former shareholder will have the rights to buy 1.7 rights issue and thus the ratio of rights issue is 1:1.7 times.
Property developer as the business unit of Bakrie Group will use the rights issue funds to acquire 20 percent shares of PT Sentul City Tbk. The acquisition is deemed strategic partnership so that the company could enter to PT Bukit Jonggol Asri, one of Sentul City units, to possess land bank of the company.
Bakrieland will owns Bukit Jonggol up to 51 percent by absorbing rights issue. The other 49 percent shares will be owned by Sentul City.
Last week, the management of Sentul City in the public expose to the IDX reported to change the objective of implementation fund of I series warrant worth IDR350.59 billion.
Formerly Sentul City planned to own 98 percent of Bukit Jonggol. But the plan changed into only 49 percent. most shares of Bukit Jonggol are owned by Bambang Trihatmodjo, the son of the former President Soeharto.
Last week, the management of Sentul City in the public expose to the IDX reported to change the objective of implementation fund of I series warrant worth IDR350.59 billion.
Formerly Sentul City planned to own 98 percent of Bukit Jonggol. But the plan changed into only 49 percent. most shares of Bukit Jonggol are owned by Bambang Trihatmodjo, the son of the former President Soeharto.
The acquisition of Bukit Jongggol will add another 11,000 hectares land bank to the company. Besides, the company will also acquire 1,000 hectares of land in Lido, Sukabumi.
It then intends to expand the land surrounding Bogor Nirwana Residence, which is developed by Bakrieland, with more than 1,000 hectares. The company also plans to have land bank expansion at the surrounding Epicentrum project in Kuningan, South Jakarta. Thus, the total land acquisition will be 15,000 hectares.
At the same time, the company plans to place capital to develop Ciawi-Sukabumi toll roads construction.
The company through its subsidiary firm, PT Bakrie Toll Road, has got 85 percent shares ownership at the toll roads developer here.
It then intends to expand the land surrounding Bogor Nirwana Residence, which is developed by Bakrieland, with more than 1,000 hectares. The company also plans to have land bank expansion at the surrounding Epicentrum project in Kuningan, South Jakarta. Thus, the total land acquisition will be 15,000 hectares.
At the same time, the company plans to place capital to develop Ciawi-Sukabumi toll roads construction.
The company through its subsidiary firm, PT Bakrie Toll Road, has got 85 percent shares ownership at the toll roads developer here.
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