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 record. Prompted by a debt restructuring, which received creditor approval towards the end of December, completion of the deal should also now remove a major overhang from one of the stock exchange's most actively traded...

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