Intiland kicks off Rp2 trillion rights issue

PT Intiland Development Tbk has kicked off the offering of 2.073 billion new shares at Rp1000/share to raise Rp2.07 trillion. Intiland also offers 1.03 billion warrants attached to the new shares issued as "sweetener".

About 43.4% of the proceeds (Rp900 billion) will be used to finance the acquisition of 100% shares in PT WIRA (owner of 1092 hectares of land in Curug Bitung, Banten province) and 90% shares in PUTRA (owner of 7 hectares of land in TB Simatupang, Jakarta). The company will also use Rp792 billion to repay promissory Notes issued to PRM for the acquisition of 500 hectares land bank in Tangerang, Banten Province, and the remaining Rp380 billion for working capital.

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