And the blocks keep coming

Existing shareholders in Lippo Karawaci sell $250 million of stock in support of an upcoming rights issue, while a pre-IPO private equity investor cashes in $151 million worth of shares in International Mining Machinery.

A strong run-up in share prices in recent weeks has prompted existing shareholders of two more companies to place shares. However, one of last night’s sell-downs in Indonesian property developer PT Lippo Karawaci was unusual in that the money raised will be used to backstop a rights issue that sources say will be announced by the company today.

The partially upsized placement raised a total of Rp2.26 trillion $250 million and the rights issue will be of the same size,...

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