JAKARTA – PT Sentul City Tbk (BKSL) will allocate 65% or IDR 3.27 trillion of its total rights issue proceed to acquire more land bank in order to expand its property development area. This extra are is then expected to generate higher revenue.
In the prospectus quoted Monday (6/6), BKSL is said to aim for IDR 5.03 trillion of fresh funds by issuing 100,625,341,623 series D shares worth IDR 50 each from July 7 to 14, 2022. PT Sakti Generasi Perdana (SGP), the ultimate shareholder of Sentul City, has announced its commitment to take up its portion accordingly, which is 52.68% of the total offering or IDR 2.65 trillion, and claim the unexercised rights of other shareholders, whose total value reaches IDR 2.38 trillion.
Other than land acquisition, the company also expects a synergy from this equity participation in the similar field, which has business expansion purposes.
The company also spares another 28% of the proceeds to repay debts to several creditors, including PT Bintang Harapan Desa, PT Karya Cakrawala Perdana, PT Daya Kharisma Nusantara, Golden Capital Foundation Ltd, PT Fajar Abadi Masindo, PT Alam Raya Hijau, Queen Bridge Investment Ltd, and PT Mandala Andalan Prima. (LK/ZH)