Property developer PT MNC Land is targeting revenues of 895 billion rupiah ($73.42 million) this year, up 54 percent from last year's forecast of 581 billion rupiah, said finance director Dipa Simatupang.
The firm won shareholders' approval to raise 2.2 trillion rupiah from a rights issue, offloading 1.46 billion shares, or 22.6 percent of its enlarged capital, at 1,520 rupiah per share.
MNC Land will use the proceeds to buy a 55.91 percent stake in PT Bali Nirwana Resort for 956.02 billion rupiah from PT Bakrieland Development, acquire land worth 600 billion rupiah and finance working capital. (Bisnis Indonesia)
Note: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 12190 rupiah) (Compiled by Jakarta Newsroom; Editing by Subhranshu Sahu)