PSP to issue rights shares

PSP to issue rights shares

JAKARTA (JP): Putra Surya Perkasa (PSP), a publicly-listed property developer, will issue 472.5 million rights shares at the price of Rp 1,000 (44 U.S. cents) this month.

"The owner of every 10 old shares, as recorded by Feb. 14th, will have the right to buy nine new shares at Rp 1,000 each," the company said in a statement here yesterday.

The funds derived from the issue, estimated at Rp 472.5 billion ($204.5 million), will be used to pay its short-term debts, acquire new land and increase its working capital.

The company said at it's extraordinary shareholders' meeting here yesterday that the rights issue would increase the number of it's listed shares to 997.5 million.

In 1994, the company distributed dividends of Rp 17.33 billion and bonus shares with a ratio of 3:2 to shareholders.

Yesterday's meeting approved new boards of directors and commissioners that will be effective on Feb. 5.

The board of directors is chaired by Trijono Gondokusumo and the board of commissioners by Suyanto Gondokusumo. (13)