Build Mall and Hotel, Metropolitan Land Sell 30% Stake to Public?

Anga Aliya - detikFinance
Jakarta - PT Metropolitan Land, a subsidiary of Ciputra Groupoffer 2.273 billion shares (30%) of its shares to the public via an initial public offering alias initial public offering (IPO). The Company intends to take the floor on the stock on May 13, 2011.


As quoted from the summary prospectus published company in Jakarta, Tuesday (04/19/2011), as many as 30% of the shares aredivided into two parts, the new shares and shares owned byNetstar Holdings Limited British Virgin Island.

The new shares to be issued by the company as much as 1.894billion par 100. While stocks Netstar offered as much as 378.966million with a nominal value of Rp 100.

While the offer price still to be determined. Acting as underwriters of securities issuance in the corporate action is PT DanareksaSecurities and PT DBS Vickers Securities.

The Company also entered into the ESA program and MSOP, inwhich the ESA program must be given allotment with a totalmaximum of 2% of new shares or equivalent to 37.896 millionshares. While MSOP maximum amount of 1% of the issued and fully paid by the company.

Initial offering period will be conducted at 19 to 27 April 2011,while the estimated effective on May 5, 2011. Thus the subsequentoffering period estimated at 9 to 10 May 2011.

Earlier, Metropolitan Land IPO is expected to reap as much as Rp800 billion fund up to Rp 1 trillion.

The fund raised from this public offering as much as 48.5% will beused for the construction of Grand Metropolitan Mall, as much as5.25% for the construction of M-Gold Residence, about 13% for the construction of Hotel Horison Bekasi Extension, while theremaining 10% equity in PT Sumbersentosa Sustainable Use.
(ang / dnl)
source: detik.com

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