Summarecon Agung stakes for sale! 

Four shareholders are offering 290 million shares or 4.21% stake of property developer PT Summarecon Agung Tbk (SMRA) at the offer price of Rp1,575-1,625 a share, enabling those sellers with Rp456,75 billion-Rp471,25 billion proceed.

In an offering structure obtained by The Insider Stories mentioned that the deal has an option to upsize the shares sale with 90 million ordinary shares.

Those shareholders are Valence Asset Ltd, Canon Securities Group Ltd, Cinnamon Capital Ltd, and Vanderian Holding Ltd.

With an arranger of Credit Suisse, those shares are offered at 6.6%-9.5% discount from the last sale price of Rp1,740 today. Settlement date is scheduled on April 24 2012.

Summarecon is controlled by PT Semarop Agung with 25.06% stake, PT Sinarmegah Jayasentosa with 6.92%, Mellon Bank NA S/A APG Strategic Real Estate Pool N.V. with 5.89%, and public shareholders own 61.83%. Nagaria family, Soetjipto Nagaria and Harto Djojo Nagaria are acting as president commissioner and commissioner respectively.

Summarecon posted a 67.90% increase in net profit last year to Rp392.02 billion or Rp57.04 a share from Rp233.48 billion or Rp34.76 a share.

Operating profit rose 41.47% to Rp564.47 billion from Rp398.99 billion, while revenue increased 38.82% to Rp2.36 trillion from Rp1.70 trillion.

Disclosure: No position at the stock mentioned above.

Related Posts

• Ciputra Development placement at discount
• Sarana Menara sets Rp4.7 trio placement
• Widodo family disposes BW Plantation at discount
• Widodo family & BW Plantation placement
• Indika Energy & Petrosea shares placement