The Jakarta Post, Jakarta
Two state-owned firms, tollway operator PT Jasa Marga and engineering and construction firm PT Adhi Karya, will separately issue a total of Rp 1.4 trillion (US$155.5 million) in bonds next month, and use part of the proceeds to refinance debts.
Jasa Marga is set to offer Rp 1 trillion in bonds, which will go on sale to the public from June 14 to 18, to help repay part of its total debt of Rp 7.8 trillion.
The bonds, which will be listed on the Surabaya Stock Exchange as of June 22, will mature in 10 years and offer a fixed annual interest rate of between 9.8 and 10.5 percent.
The company has appointed PT Bahana Securities Indonesia as underwriter.
President director Frans S. Sunito said Monday the bond issue was part of his company's plan to go public in July, when it will offer 30 percent of its shares through an initial public offering, as part of the government's plan to sell stakes in around 15 state firms this year.
""We are aiming to raise from Rp 2 trillion to Rp 2.5 trillion from the IPO and expect to gain more if the market response is favorable,"" he said.
Finance director Reynaldi Hermansjah explained the company would use 70 percent of IPO proceeds to finance its turnpike projects and the remainder to strengthen its capital base.
The company is scheduled to construct several projects -- an 11-kilometer Bogor ""ring-road"" in West Java; a 76-kilometer Semarang-Surakarta turnpike in Central Java; a 32-kilometer Gempol-Pasuruan tollroad in East Java; and two sections of ""ring-road"" in outer Jakarta -- during the 2007-2008 period, with a total investment of Rp 10 trillion.
Reynaldi said the company was aiming to increase its revenue by 13 percent, to Rp 2.6 trillion this year from Rp 2.3 trillion last year.
Adhi Karya will offer Rp 400 billion in bonds and use the proceeds to strengthen its working capital and repay previous bonds worth Rp 173 billion, which will mature later this year.
The bonds will include Rp 300 billion of conventional bonds and Rp 100 billion of sharia bonds, president director Saiful Imam told reporters Monday.
The conventional bonds, the fourth such offering by the company, will mature in five years and carry coupons of between 10.62 and 11.12 percent per annum.
The sharia bonds, the first such offering by the company, will have the same maturity period and offer an annual return of between 73.78 and 77.26 percent.(04)
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