STOCKS NEWS INDONESIA-Hero Supermarket plans $304 mln rights issue

Mon Jun 3, 2013 1:25am EDT

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Indonesian retailer PT Hero Supermarket plans a 2.98 trillion rupiah ($304.24 million) rights issue by the end of June, the company said on Monday.

The supermarket chain is offering 889.4 million shares, or 21.3 percent from its enlarged stake, at 3,350 rupiah per share. Dairy Farm International Holdings Ltd will be the standby buyer of the rights issue.

In March 2012, Hero won rights to franchise Swedish furniture giant IKEA stores in Indonesia to tap booming domestic consumption from an emerging middle class in Southeast Asia's biggest economy

The supermarket operator share was down 0.63 percent at 3,975 rupiah, while the broader Jakarta Composite Index was down 1.07 percent.

1210 (0510 GMT)

($1 = 9,795 rupiah) (Reporting by Andjarsari Paramaditha, Editing by Prateek Chatterjee)


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