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hareholders have approved industrial estate developer PT Kawasan Industri Jababeka’s plan to issue US$300 million in dollar-denominated notes through Dutch subsidiary Jababeka International BV.

“We will issue the dollar notes in the near future. We probably list them in the Singapore Exchange,” Jababeka corporate secretary Muljadi Suganda said on Thursday after the company’s extraordinary shareholders meeting.

Muljadi said that the company had not decided whether to issue the notes at once or gradually.

According to a prospectus submitted to the Indonesia Stock Exchange (IDX), the notes will have a maturity period of five years and offer a maximum interest rate of 12 percent.

The file also said that the book-building period for the issue would run from July 11 to July 18.

Muljadi said that Jababeka would issue dollar-denominated notes due to the size of the offering. “Foreign markets give more room for large scale notes, as Indonesia’s market is limited. Moreover, part of our business uses dollars, such as (PT) Bekasi Power,” Muljadi said.

Jababeka operates Bekasi Power, its 100-percent owned subsidiary. Bekasi Power manages a gas-fired 130 Megawatt combined-cycle power plant that produces electricity that is sold to the tenants of Jababeka’s industrial estates and the surrounding areas.

Jababeka would use 50 percent of funds from the notes to finance the Rp 1.5 trillion in debts held by the firm and its subsidiaries, and the remainder to expand its industrial estates, Muljadi said.

“However, we still don’t know how much we will get from the issuance, as it will be determined whether the market absorbs it or not. If we only get $50 million or $100 million, we will use it to develop our land,” Muljadi said.

Jababeka, whose market capitalization has reached Rp 3 trillion ($321 million), has allocated Rp 500 billion to acquire 100 hectares near its industrial estate in Cikarang, he said.

“Our acquisition is actually not limited to Cikarang because we also have land in Cilegon. However, we are now focusing on Cikarang, because Cilegon’s area remains raw land and we need anchor tenants before starting a development,” Muljadi said.

According to Muljadi, Jababeka currently has a land bank of about 1,000 hectares in Cikarang, 800 hectares in Cilegon in Banten.

An additional 1,300 hectares in Tanjung Lesung in Banten belong to PT Tanjung Lesung Leisure Industry, which was acquired by the company last year.

Jababeka is targeting revenues of Rp 2 trillion by year end, which would be up 75 percent from last year’s Rp 1.14 trillion. The company’s net profits were Rp 326.13 last year.

Jababeka booked Rp 252.41 billion in total revenue in the first quarter of 2012, a 34 percent increase compared to Rp 188.22 billion in the same period last year.

Meanwhile, its net profits were Rp 52.59 billion in the first quarter, a jump of 112 percent from Rp 24.77 billion in the same period last year.

Shares in Jababeka closed at Rp 194 apiece on Thursday, a 0.51 percent drop from Rp 195 a day earlier.