Indonesia's Bakrieland cuts planned rights issue size

JAKARTA: Indonesian developer Bakrieland will cut the size of its planned rights issue to 3.2 trillion rupiah (RM1.13 billion), from 5.4 trillion rupiah, its chief said on Sunday, June 20.

"We secured several financing commitments from strategic partners on developing our projects so we don't need bigger capital from a rights issue," Hiramsyah Thaib, the firm's president director, told Reuters.

He also said the firm was bullish on the property sector so believed it could generate enough cash.

Indonesia's economy proved resilient to the financial crisis and is seen growing over 6% this year, driven by exports of natural resources and increasing consumer demand. -- Reuters
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