JAKARTA (Yosefardi) – Investors also focused buying shares of PT BW Plantation Tbk (BWPT) this morning following report on its rights issue development.
At 10.42 m Jakarta time, BWPT surged 6.25% to RpRp510 per share. At 9.15 am, the stock reached Rp520. It dropped 46% since September 23, 2014 as investors responded negatively over BWPT’s rights issue plan.
The Financial Services Authority (OJK) has not approved yet the rights issue of BWPT. BWPT has set its rights issue price at Rp400 per share. It plans to issue 27.02 billion shares.
The rights issue proceeds will be used to fund the acquisition of Green Eagle Holdings, member of Rajawali Group.