Astra completes final allotments for rights issue

The Indonesian auto manufacturer''s rights offering comes to a successful conclusion as majority shareholder, Cycle & Carriage, increases its stake.

Jardine-owned and Singapore-listed Cycle Carriage CC announced yesterday Wednesday that it has increased its ownership of Astra International from 31.14% to 34.31%. The announcement brings to completion one of the most important equity transactions in recent Indonesian history and in the end, one of the most successful.

The $158 million rights issue represents both the largest new equity capital raising by an Indonesian company since the financial crisis and the largest rights offering from the country on...

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