JAKARTA (Indonesia Today) – Modern Group, controlled by Honoris family, plans to sell 315 million shares of property developer PT Modernland Realty Tbk (MDLN), representing 5% of its enlarged capital, for Rp302 billion.
At 10.48 am Jakarta time, MDLN dropped 5.88% to Rp960 per share with 43.28 million shares exchanged hands. The stock however has gained 90% year to date.
The company plans to issue global bond worth US$150 million in June this year, to fund the land acquisition.
It allocates capital expenditure (capex) of Rp1.9 trillion for this year, used to funding the acquisition of land in Cikande, Serang, Banten province (400 hectares) and in East Jakarta area (750 hectares).
Modernland targets to book revenue of Rp2 trillion this year, a 90% jump compared to Rp1.05 trillion in 2012. While net profit is expected to grow by twofold to Rp800 billion from Rp260.5 billion in 2012. (hans@theindonesiatoday.com)