The Hong Kong and Singapore offices of Jones Day acted for the Indonesia-based property developer PT Bumi Serpong Damai Tbk (“BSD”) in its US$550 million rights offering.
The rights offering was used to finance BSD’s purchase of shares in PT Duta Pertiwi Tbk, PT Sinar Mas Wisesa, and PT Sinar Mas Teladan. The transaction will diversify BSD’s business beyond the primarily residential developments in its integrated city, BSD City, outside Jakarta. BSD is now potentially the largest listed real estate company on the IDX by market capitalization.
The transaction was approved by Bapepam-LK and shareholders on November 19, 2010 and closed on December 21, 2010.
The Jones Day team was led by Capital Markets Practice partners David Neuville (Hong Kong) and Joseph Bauerschmidt (Singapore), and assisted by Singapore Capital Markets associate Oscar Franklin Tan.
“This deal was in reality five transactions in one: an Indonesian rights offering, a Regulation S international rights offering, and the purchase of shares in the three affiliate companies,” said Mr. Neuville. “The deal was complex, involved a Singapore-listed holding company, and required five months to execute.”
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