JAKARTA (Yosefardi) – Property developer PT Modernland Realty Tbk (MDLN) proposes to shareholders for supporting its plan to split stocks.
The company will hold extraordinary general meeting (EGM) of shareholders in September 27, 2013. MDLN fell 2.99% to Rp650 per share at this morning close.
The company also seeks approval from shareholders for acquiring 51% shares of PT Mitra Sindo Sukses and PT Mitra Sindo Makmur from Le Vision Pte Ltd and Castlehigh Pte Ltd, both are subsidiaries of Keppel Land.
After the acquisition, MDLN will fully control Jakarta Garden City project in Cakung, East Jakarta, from current 49% ownership.