JSP to sell 50m shares

JAKARTA (JP): Publicly listed property developer PT Jakarta Setiabudi Property (JSP) will sell 50 million new shares, or 9.33 percent of its enlarged common stocks, to the public later this year, the company announced yesterday.

JSP president Amir Abdul Rachman said the proceeds would be used to refinance the company's short-term debts and to strengthen the company's working capital.

The company's initial public offering will be underwritten by PT Peregrine Sewu Securities. The shares will have a par value of Rp 500 each.

Amir said his company planned to focus on developing hotels and supporting facilities, apartments, offices and shopping centers.

The company has ownership in four hotels: Grand Hyatt Bali, Bali Hyatt, Parkroyal Sanur and Parkroyal Ancol. (08)