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tate toll-road operator PT Jasa Marga plans to sell at least Rp 650 billion (about US$69.5 million) in rupiah-denominated bonds next year, to raise funds to finance maturing debts.

Jasa Marga finance director Reynaldi Hermansjah said Thursday the proceeds from the bond sales, likely to take place in the second half of 2010, would be used to repay previous bonds issued that are due to reach maturity in December next year.

"The total value of the *December 2010* bonds will be Rp 650 billion, but we may sell more than that amount," he said, refusing to elaborate further.

The company's outstanding debts - in bank loans and bonds - stood at Rp 5.1 trillion as of July 2009, less than Rp 5.4 trillion recorded one year earlier.

Most of those debts were due to mature in several years' time, Reynaldi said, except for the Rp 650 billion worth of bonds due to reach maturity in December 2010.

Jasa Marga recently secured Rp 3 trillion in loans from three state-owned banks - Bank Mandiri, Bank Rakyat Indonesia (BRI) and Bank Negara Indonesia (BNI) - to fund several toll road construction projects in Java.

It has budgeted up to Rp 2.2 trillion this year for the construction of toll roads, including a 4-kilometer Bogor ring-road, which is expected to open before the end of the year.

Jasa Marga president director Frans S. Sunito also unveiled plans to secure projects to build two toll roads - each of which is between 7 and 8 kilometers in length - through acquisitions in the near future.

"We are still discussing the *acquisitions*," he said, refusing to give an exact time frame. The company had set aside a budget of at least Rp 1 trillion for the acquisition, which will be taken entirely from its internal cash reserves, Frans said.

For 2009, Jasa Marga targets to increase its revenue to Rp 3.7 trillion, just above the Rp 3.69 trillion last year, since it recently increased toll fares on the 11 roads it manages.

In the first half of 2009, the company's revenue stood at Rp 1.7 trillion, a 5 percent increase from the Rp 1.62 trillion it recorded a year earlier.