The Jakarta Post - Publicly listed developer Modernland Realty will raise Rp 553.75 billion (US$46.59 million) in a non-preemptive rights issuance after obtaining approval from shareholders on Thursday as well as a two-year permit from the Financial Services Authority (OJK).

Modernland corporate secretary Cuncun Wijaya said that the company would issue 1.25 billion of new shares — or 10 percent of the company’s enlarged capital — priced at Rp 443 each, with the funds to be used to finance its existing projects.

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