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ublicly listed plantation firm PT Dharma Satya Nusantara (DSNG) '€” part of the Triputra Group '€” hopes to generate around Rp 681.24 billion (US$52.55 million) of funds by issuing rights shares to finance its business expansion.

In a statement published on the Indonesia Stock Exchange (IDX) website on Wednesday, the firm said that it was looking to issue a maximum of 168 million new shares, which will account for 7.93 percent of its enlarged shares.

Dharma Satya has decided to set the share price at Rp 4,055 per share, which is within the Rp 4,015 '€“ Rp 4,350 price range recorded from Jan. 5 to Jan. 21. The plan is now awaiting approval from its shareholders. An extraordinary general shareholders'€™ meeting is scheduled to take place on March 18.

According to the latest data from the company, it is currently 25.1 percent controlled by PT Triputra Investindo Arya, 28.9 percent by the public and 14.6 percent by PT Krishna Kapital. The remaining 31.4 percent of the shares are owned by other minority shareholders.

Meanwhile, its pro forma data show that following the non-preemptive rights issue, Triputra Investindo'€™s stake will decline to 23.2 percent, the public'€™s stake will drop to 26.7 percent and Krishna'€™s shares will fall to 13.5 percent.