Bakrieland to raise Rp 630b

Bakrieland to raise Rp 630b

JAKARTA: PT Bakrieland Development, the 14th-largest real estate developer on the Jakarta Stock Exchange by value, plans to raise as much as Rp 630 billion (US$62 million) in a rights offer in November to repay debts and fund expansion.

Bakrieland plans to sell 4.2 billion shares at Rp 150 each, the company said in a statement published in the Bisnis Indonesia newspaper. Shareholders of record on Nov. 11 can buy three new shares for each share they hold, the company said today.

The company plans to hold a shareholders' meeting on Oct. 25 to seek approval for the plan.-- Bloomberg