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, meaning the sellers, which are all so called friends and family of the Lippo Group, will underwrite the rights issue in full. The rights shares will be offered to shareholders at the same price as...

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