Surya Esa plans a rights issue

IDX-listed LPG producer PT Surya Esa Perkasa plans to sell a stake through a rights issue next year to finance expansion.

The company expects to conclude the deal in January, said Finance Director Isenta Hioe as reported by The Jakarta Post.

Surya Esa is planning to sell 100 million new shares, about 9 percent of its enlarged capital, at a price of Rp 2,775 per share during the non-preemptive rights issue.

It will use part of the proceed, estimated at Rp 277.5 billion (US$28 million), to finance the development of an ammonia plant with a production capacity of 700,000 metric tons per year in Banggai Central Sulawesi.(*)