SINGAPORE , July 16, 2014 (RISI) -
Asia Pulp & Paper's (APP) subsidiary Tjiwi Kimia has kicked off a rights issue on the Jakarta stock exchange, where the firm is listed, aiming to raise Rupiah 1.3 trillion ($117 million) to fund a 2 million tonne/yr pulp mill that is to be built in South Sumatra, Indonesia.
The company's financial director Suhendra Wiriadinata said that all the proceeds raised from the issue of 1.3 billion new shares, which will be offered to its existing shareholders from July 10 - 17, will be injected into the massive new bleached hardwood kraft (BHK) mill, owned by OKI Pulp & Paper Mills.
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