A registration statement was filed with the Indonesian regulator Bapepam yesterday Monday allowing Astra to raise up to $150 million from a rights offering. The deal is contingent on the company's creditors approving its debt restructuring at a vote on November 26, followed by its shareholders approving the deal at an EGM on December 16.
ING and JPMorgan have been mandated as lead managers to the deal and both have a long-standing relationship with either Astra or its majority shareholder, Jardines-owned Cycle and Carriage. ING, for example, first led the company to market in 1991.
It had originally been thought that ABN AMRO would join the two, but the bank is already...
