Jakarta. Real estate developer Pantai Indah Kapuk Dua (PANI) plans to hold a rights issue by issuing 8 billion shares riding on the bullish trend of its stock which has increased by 58 percent in the past month and 210 percent over the last three months.

The price for the new stock issuance has yet to be disclosed but the company said on Tuesday it expected to raise nearly Rp 9.5 trillion from the corporate action.

"Shareholders entitled to the rights issue are those who remain on the list by November 28," PANI said in a filing to the Indonesia Stock Exchange.

The proceeds from the rights issue will be used to acquire more shares in seven property companies including Bumindo Mekar Wibawa, Cahaya Inti Sentosa, Jaya Indah Sentosa, Kemilau Karya Utama, Karunia Utama Selaras, Sumber Cipta Utama, and Sharindo Matratama. 

PANI is developing an upscale business district in Pantai Indah Kapuk, a coastal area in West Jakarta that sees a rapid growth of infrastructural projects following massive reclamation work to expand the land area.

PANI’s majority shareholder is Multi Artha Pratama -- a joint venture of two property giants Agung Sedayu Group and Salim Group -- which owns an 88 percent stake.