Ciputra's company raises $100m from floating rate notes<\/p>\n
NUSA DUA, Bali (JP): The Amsterdam-based Ciputra Development
\nInternational B.V., a subsidiary of the publicly-listed PT
\nCiputra Development, yesterday issued floating rate notes worth
\nUS$100 million with Keppel Bank of Singapore Ltd. as lead
\ncoordinator.<\/p>\n
Ciputra, founder and chairman of the Ciputra Group, said after
\nsigning the notes in the Sheraton Lagoon Hotel here that Ciputra
\nDevelopment guaranteed the issuance of the notes.<\/p>\n
Harun Hajadi, a director at PT Ciputra Development, said 55
\npercent of the funds would be used for the company's working
\ncapital and the rest to repay its short-term debts.<\/p>\n
He added that the notes, which carry an annual interest rate
\nof 2.3 percent above the London Inter-Bank Offered Rate, will
\nmature by the year 2000.<\/p>\n
\"Compared with local banking interest rates, our notes' are
\nstill competitive. Moreover, with raising bank loans for property
\nfinancing getting more difficult right now, the issuance of such
\nnotes could be a breakthrough in the property sector,\" PT Ciputra
\nDevelopment's finance director, Junita Ciputra, said.<\/p>\n
Benedict Kwek Gim Song of Keppel Bank, a participant in the
\nnotes' arrangement, said the notes, each with a nominal value of
\n$250,000, would be listed on the Stock Exchange of Singapore and
\nthe Luxembourg Stock Exchange.<\/p>\n
In addition to Keppel Bank, the participating banks included
\nBaring Brothers Ltd., Bangkok Bank Public Company Ltd., Oversea-
\nChinese Banking Co. Ltd., the state-run Bank Ekspor Impor
\nIndonesia's Singapore branch, the state-run Bank Negara
\nIndonesia's Singapore branch, Societe Generale's Singapore
\nbranch, the Hongkong & Sanghai Banking Co. Ltd., Hyundai
\nInternational Merchant Bank, Malayan Banking Berhad, Tat Lee Bank
\nLtd. and International Factors Leasing Pte. Ltd.<\/p>\n
PT Ciputra Development, which recorded total assets of Rp 1.59
\ntrillion ($715 million) as of last December, posted a 3,779
\npercent increase in profits to Rp 103.97 billion last year from
\nmerely Rp 2.68 billion in 1993.<\/p>\n
The company's revenues increased by 364 percent to Rp 428.4
\nbillion last year, of which 86 percent was generated from the
\nsales of 2,542 houses and the rest was from its hotel service.<\/p>\n
Harun said his company projected to sell up to 3,000 houses
\nthis year to earn some Rp 480 billion, adding that it targeted to
\nraise Rp 570 billion in revenues this year.<\/p>\n
PT Ciputra Development, listed in both Surabaya and Jakarta
\nStock Exchanges last year, controls six major projects, including
\nthe Mall and Citraland Hotel, the CitraSatrio estate and the 455-
\nhectare Perumahan Citra, all in Jakarta, the 1,000-hectare
\nCitraRaya Tangerang-Kota Nuansa Seni in Tangerang of West Java,
\nMall and Citraland Hotel in Semarang of Central Java and the
\n1,000-hectare CitraRaya Surabaya in East Java. (Riyadi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ciputras-company-raises-100m-from-floating-rate-notes-1447893297",
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