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Astra eyes $100-150 mln rights issue

JAKARTA, Oct 29 (Reuters) - Indonesian auto conglomerate PT Astra International said on Tuesday it would soon have a rights issue worth $100-150 million, but most probably not before the end of the year because of time constraints.

"We will have a rights issue as soon as possible, but for now we will concentrate first on the debt restructuring," Astra president Budi Setiadharma told Reuters.

"Our target is this year but it is unlikely because of limited time for the (necessary) administration. The rights issue is estimated at $100-150 million."

Astra had said it was considering raising up to $100 million through a rights issue this year as part of efforts to restructure its hefty debts for a second time amid a lack of cash to repay loans maturing this year and next.

The indebted company, 32 percent owned by Singapore's Cycle and Carriage Ltd , also said it had invited four brokerage firms to discuss the proposed rights issue. They were ING Barings, ABN Amro Asia Securities, JP Morgan and UBS Warburg. ($1=9,215 rupiah)