The controlling shareholder of Tempo Scan Pacific is aiming to sell between Rp1,250 trillion and Rp1,325 trillion $133 million to $141 million of stock in the Indonesian pharmaceutical and consumer products and cosmetics company to help boost the portion of shares held by public investors.
The stock is highly illiquid at the moment and on average trades only about $70,000 per day, a source said. The placement including the upsize option could increase the free-float to as much as 20% from just 5% at present, which means the fully-marketed offering is almost like a re-IPO of the company, he added.
Bogamulia Nagadi, which currently owns the remaining...
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