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Thursday, November 3, 2011

Pakuwon rights issue IDR1.36 trio to buy Kota Kasablanka

BI/market
3/11/2011
Irvin Avriano A.
Bisnis Indonesia

Pakuwon rights issue IDR1.36 trio to buy Kota Kasablanka

JAKARTA: PT Pakuwon Jati Tbk, Surabaya-based property listed company, will held rights issue worth IDR1.3 trio--1.36 trio to fund its Kota Kasablanka superblock's purchasing plan.

Based on its prospectus summary in the newspaper today, the company intend to issue 2 bio or 20% new shares with nominal value IDR100 in executing range IDR650--680 per shares.

The price still 24.44%--27.77% below the company's shares position this morning at IDR900.

As much as IDR1.3 trio from the proceed fund will be use to buy 457.49 mio or 99.99% shares of PT Elite Prima Hutama, the owner of Kota Kasablanka.

The purchasing price of superbloc that estimated have gross areal 570,487 meter square and 27,294 meter square land reserves still under fair value that already appraised IDR1.37 trio.

The remainder of the fund allocated by PWON-coded company for its working capital.

Affiliated
The rights issue is an answer from the company's need of fund to acquire Elite Prima Hutama which recognized as affiliated trasaction.

The affiliated trasaction already published by the company early this week but there are no explanation about the corporate action that will be taken to fulfill the purchasing.

The Elite Prima Hutama shares will bought from PT Pakuwon Permai, an affiliated entity, because several director of Pakuwon Jati are also directors in Pakuwon Permai.

Acted as standby buyer from the rights are four of their shareholders, namely Burgami Investments Ltd, PT Pakuwon Arthaniaga, Raylight Investment Ltd, and Concord Media Investments Ltd.

Investors whose not executed their rights in the corporate action will have potential dilution until 16.67%.

The company already sign a pre-sales conditional agreement on October 24th.

Pakuwon Jati already have and develop superblocks namely Tunjungan City in Surabaya and Gandaria City in Jakarta.

The company's purchasing will add another subsidiaries to Pakuwon Jati which led by Richard Adisastra from previously four to five.

The subsidiaries are PT Artisan Wahyu, PT Pakuwon Sentra Wisata, PT Regency Laguna Jasamedika, and Pakuwon Jati Finance BV.

The company will held extraordinary general meeting of shareholders (EGM/RUPSLB) to obtain permission on December 1st.

This morning, the company's shares which also develop strategic mall in Jakarta, Blok-M Plaza, already decline 10 points or 1.1% to IDR900 from IDR910 yesterday.

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