Ristia divests ownership

JAKARTA (JP): Publicly listed PT Ristia Bintang Mahkota Sejati said Friday that its subsidiary PT Ciptjaya Kontrindoreksa plans to offer shares to the public.

The company said in a statement that the proceeds from the public offering would be used to repay its debts and increase its working capital.

Ristia, engaged in the development of small and medium size houses, said in a statement that the company's subsidiary capital market debut would eventually reduce its sharehownership in Ciptajaya to 50.1 percent from 86 percent currently. (aly)