PT Ristia Bintang to sell 70 million shares to public
PT Ristia Bintang to sell 70 million shares to public
JAKARTA (JP): Low-cost housing developer PT Ristia Bintang
Mahkota Sejati will sell 70 million new shares, or 26.92 percent
of its total common stocks, to the public next month, the company
announced yesterday.
Ristia president Richard Wiriahardja said the company would
also issue 27.5 million in subscription rights (warrants)
attached to the new shares.
"The warrants would guarantee shareholders the right to buy
the company's shares at the same nominal price within three
years, even if the share price rises," Richard said.
For every four new shares, a shareholder would be entitled to
one warrant, he said.
Richard said the company would offer the shares during the
initial public offering and give a discount voucher for the
purchase of a house at one of its projects to shareholders who
could not sell their shares, he said.
The issuance of the new shares will be underwritten by PT
Trimegah Securindo Lestari and PT Panin Sekuritas.
The shares will be listed on the Jakarta Stock Exchange next
month.
He said the company would pay between 10 percent and 15
percent in dividends if its net profit was below Rp 15 billion
and between 16 percent and 20 percent if net profit exceeded that
amount.
Richard said the company expected to collect Rp 35 billion
from the initial public offering.
He said 93 percent of the fresh funds would be used to
increase Ristia's ownership in its subsidiaries, PT Ciptojaya
Kontrindoreksa, PT Roda Panggon Harapan and PT Bhaskara Mutu
Sentosa.
The remaining 7 percent would be used to strengthen the
company's working capital, he said.
PT Ristia, established in 1985, focuses on low and middle-
income housing development, offering houses for between Rp 9.5
million and Rp 150 million.
Richard said the company booked Rp 5.01 billion in net profit
and Rp 24.94 billion in sales in the first half of this year.
Assets were Rp 166.52 billion with a debt equity ratio of 1.02
as of last June. Richard said the company did not have foreign
loans.
The company's housing projects are located in the suburbs of
Jakarta. They are Bintang Metropol in Bekasi, Citra Kebunmas in
Karawang, and Mahkota Simprug, Tiara Simprug and Simprug Di
Poris, all in Tangerang.
The other members of the company's board of directors are Umar
Komaraningrat and Harjono Kesuma. They are supervised by a board
of commissioners comprising Yoga Soegomo, Agusman Effendi, Thomas
Wiriahardja and Maria Florentina Tulolo. (das)