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Senin, 22 Agustus 2011

Summarecon mulls rights issue to acquire land - Bisnis Indonesia

JAKARTA: PT Summarecon Agung Tbk, which is building a satellite town outside Jakarta, is studying options to issue bonds and rights shares worth a combined IDR600 billion approximately to finance land acquisitions.

The company needs IDR500-IDR600 billion to acquire 200 hectares of land in Serpong, Bekasi and Bandung, Finance Director Michael Yong told Bisnis.

“Real estate companies are prohibited from using loans from banks to acquire land. That is why we are studying the options.”

The real estate developer has not decided on the timing of the rights issue and bond sale, Michael said. The acquisition is a way to enlarge company’s land bank from 460 hectares currently. One hectare is 10,000 square meters.

During the first half, the company acquired 100 hectares of land in Serpong, Bekasi and Bandung amounted to IDR470 billion. “The fund was taken from internal cash.”

From the acquired 100 hectare land, 70 hectare land is in East Bandung which will be developed into be a satellite town.

The company is targeting to acquire up to 200 hectare lands in Bandung with an estimated IDR200 billion investment. The development is expected to start in 2015. (18)

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