Macquarie Securities Limited completes $550 million rights offering by PT Bumi Serpong Damai
Clients Macquarie Securities Limited
Jones Day acted for Macquarie Securities Limited in connection with the $550 million rights offering by PT Bumi Serpong Damai Tbk, an Indonesia-based property developer. The offering included an Indonesian rights offering, a Regulation S international rights offering, and the purchase of shares in three affiliate companies.
The rights offering was used to finance BSD's purchase of shares in PT Duta Pertiwi Tbk, PT Sinar Mas Wisesa, and PT Sinar Mas Teladan. The transaction will diversify BSD's business beyond the primarily residential developments in its integrated city, BSD City, outside Jakarta. BSD is now potentially the largest listed real estate company on the IDX by market capitalization.
The transaction was approved by Bapepam-LK and shareholders on November 19, 2010 and closed on December 21, 2010. Acting as standby buyers for the rights issue were Macquarie Capital (Singapore) Pte Limited and PT Sinarmas Sekuritas