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CMNP to raise Rp 1.2t from bond offering

Publicly listed toll operator PT Citra Marga Nusaphala Persada (CMNP) expects to raise Rp 1

The Jakarta Post
Jakarta
Fri, June 15, 2012

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CMNP to raise Rp 1.2t from bond offering

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ublicly listed toll operator PT Citra Marga Nusaphala Persada (CMNP) expects to raise Rp 1.2 trillion (US$127 million) from the issuance of bonds to be carried out in two tranches beginning in the second semester of this year.

“The bonds were rated A- from local ratings agency PT Pemeringkat Efek Indonesia [Pefindo],” said CMNP financial director Indrawan Soemantri, adding that the bonds that would mature in five years would have coupon rates between 9.5 to 10.5 percent.

CMNP obtained on Thursday approval from its shareholders for the bond issuance.

PT Indo Premier Securities, PT Sucorinvest Central Gani, PT Ciptadana Securities and PT Equator Securities had been appointed as underwriters for the bond offering, he added.

“As much as Rp 400 billion of the bonds will be issued by the second semester of this year, while the rest will be issued next year,” said Indrawan.

CMNP, the toll road operator that manages Jakarta’s inner ring road and the Susun-Waru-Juanda airport road in Surabaya, East Java, plans to operate the Depok-Antasari toll road in 2014.

As previously reported, the Depok-Antasari toll road project needs a total of Rp 4.76 trillion in investment, with construction planned to be completed in two stages – the 12-kilometer stretch between Antasari and Sawangan, a district of Depok, and the 9.5-kilometer stretch between Sawangan and Bojong Gede, a district in Bogor, West Java.

“The rest of the funds needed for our projects this year will be coming from our internal cash,” said Indrawan.

He added that during the meeting, shareholders also agreed to allocate 89 percent of last year’s profit (Rp 299 billion) as retained earnings, which would also be used to finance the construction projects, to acquire one toll road and also for the company’s capital expenditures for this year.

According to Indrawan, the shareholders also agreed to pay 10 percent of last year’s Rp 352 billion net profit out as dividends, valued at Rp 36 billion.

In the first quarter of this year, CMNP reported a 13 percent revenue increase to Rp 216.32 billion from Rp 190.92 billion in the same period last year, and Rp 1.72 billion in additional income from its rent business.

CMNP booked Rp 78.81 billion in net profits in the first quarter, up 3.49 percent from Rp 76.15 billion in the same period last year.

Operating expenses, which rose 39 percent to Rp 115.43 billion, made the company’s operating income to decline 5 percent to Rp 102.89 billion from Rp 108.29 billion in the same period last year.

According to Indrawan, the company aimed to reach Rp 850 billion in revenues this year, up from the Rp 803 billion the company achieved last year.

“We have reached approximately half of the targeted revenue last month. Therefore we are optimistic we will reach the target this year,” he said. (nad)

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