It has just been revealed that PT Sitara Propertindo property developer plans to raise up to 460billion rupiah ($39million) from an initial public offering next month.
The
company will sell as much as 4billion shares, or almost 40% of its enlarged
share base, at a price range between 105-115 rupiah each. The price will be set
following book building. It is expected the Sitara shares will be listed on the
July 11 Jakarta stock exchange.
Sitara's
portfolio includes housing estates and townships, hospitality and warehousing
areas in the greater Jakarta region. This is as well as other cities in West
and Central Java.
Sitara
will be the latest following a number of other initial public offerings in
Indonesia. Earlier this month, PT Link Net internet service provider made a
strong trading debut, leaping as much as 50%.
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