UNSP TO FLOAT RIGHT ISSUE SHARES IN JANUARY

Jakarta, Dec 15 (ANTARA) - Plantation firm PT Bakrie Sumatra Plantation (UNSP) will float a limited right issue of 9,469 billion shares with a price per share of Rp525 to obtain a fresh fund of Rp4.97 trillion, the company said.

The company said in a release made available to ANTARA here on Tuesday that the right issue ratio was five to two, or five old share holders would be able to purchase two new shares in the right issue.

It said that about 64.9 percent of the fresh funds or Rp3.16 trillion obtained through the issuance of the shares would be used to increase the capital of certain subsidiary firm.

About US$110 or about 22.67 percent will be used to acquire 100 percent of PT Domas Agrointi or Domaba Mas stake and Rp160 billion would be used to purchase CCI stake.

Besides, Rp1.25 trillion of the fresh funds will be used for the development of the corporate endeavor in the upstream business, namely plantation, and Rp460 billion will be used as a working capital.

PT Danatama Makmur will act as a rights issue standing-by buyer. The estimated effective right issue would be on January 18, 2010.