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PROPERTY developer Sinarmas Land said that subsidiary PT Puradelta Lestari has obtained preliminary approval for an initial public offering on the Indonesia Stock Exchange.
The subsidiary will offer up to 10.8 billion new shares in the offering. Pricing has not been set.
Macquarie Capital, Sinarmas Sekuritas and CLSA Indonesia are leading the offering, which is slated to close by the end of the month.