The subsidiary firm of Sinarmas Group, PT Bumi Serpong Damai decided to drop a plan to sell new shares through a non-preemptive issue because of complications at meeting market regulations.
Formerly, Bumi Serpong Damai planned to sell new shares amounting to as much as 10 percent of the company' s stake to boost trading liquidity of its stock.
Bumi Serpong Damai also plans to issue global bonds for business expansion.
The company intends to seek US$500 million fund mostly to be covered by the global bonds issuance.
The company intends to seek US$500 million fund mostly to be covered by the global bonds issuance.
The company will boost up upper middle class property and lower middle classes as the current business core. The relaxation of foreign ownership of property becomes one of the prospects of the business.
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