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Modernland Plans 802 Billion Rupiah Rights Offer, Director Says

PT Modernland Realty plans to raise about 802 billion rupiah ($90 million) selling 3.2 billion shares at 250 rupiah each in a rights offer this year, Finance Director Freddy Chan said, confirming a report by Investor Daily Indonesia today.

Proceeds from the sale will be used to acquire industrial estates, Chan said by telephone.

To contact the editor responsible for this story: Berni Moestafa at bmoestafa@bloomberg.net

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