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The Jakarta Post
Cranes work to load and unload containers at Tanjung Perak port in Surabaya, East Java. The port, one of the country's biggest, is operated by state-owned company Pelindo III. (Antara/Zabur Karuru) (Antara/Zabur Karuru)
State-owned port management company PT Pelindo III will issue global bonds worth US$1 billion to fund several development projects, including the construction of the overpass to the Teluk Lamong terminal in Surabaya, the deepening of the Benoa port pond in Denpasar, Bali, and the construction of the Gili Mas quay at the Lembar port in Lombok, West Nusa Tenggara (NTB).
Pelindo III's president, Ngurah Askhara Dana Diputra, said the company decided to raise its investment funds through bonds issuance because it had canceled the planned initial public offering of its subsidiary, PT Berlian Jasa Terminal Indonesia, Antara reported recently.
Read also: Pelindo III seeks to expand into non-core businesses to boost revenues
Askhara said the new bonds issuance would follow the strategy Pelindo III used when it issued $500 million worth of global bonds in 2014 in cooperation with ANZ, Credit Suisse and Standard Chartered Bank.
However, he declined to elaborate which companies would be appointed as the underwriters for the upcoming bond issue. (srs)
