JAKARTA (Indonesia Today) – Property developer PT Cowell Development Tbk (COWL) plans to issue 4.1 billion new shares through pre-emptive rights scheme, representing 84.5% of its enlarged capital.
The exercise price of rights issue is set for Rp220, to raise proceeds of Rp905.5 billion in total.
Each shareholders recorded at November 22, 2012 with 20 old shares is entitled to buy 109 new shares.
PT Gama Nusapala, the main shareholder of Cowell Indonesia, will act as standby buyer. It also commits to abzorb its portion of new shares. Currently Gama Nusapala holds