{
    "success": true,
    "data": {
        "id": 1054063,
        "msgid": "pakuwon-jati-to-issue-bonds-1447893297",
        "date": "1996-10-17 00:00:00",
        "title": "Pakuwon Jati to issue bonds",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Pakuwon Jati to issue bonds JAKARTA (JP): PT Pakuwon Jati, a Surabaya-based property developer, said yesterday it will issue bonds worth Rp 200 billion (US$85.3 million) to finance the development of a new shopping mall in Surabaya, East Java. The bonds have a term of five years, with a fixed interest rate.",
        "content": "<p>Pakuwon Jati to issue bonds<\/p>\n<p>JAKARTA (JP): PT Pakuwon Jati, a Surabaya-based property<br>\ndeveloper, said yesterday it will issue bonds worth Rp 200<br>\nbillion (US$85.3 million) to finance the development of a new<br>\nshopping mall in Surabaya, East Java.<\/p>\n<p>The bonds have a term of five years, with a fixed interest<br>\nrate.<\/p>\n<p>\"We prefer a fixed rate with an assumption that bondholders<br>\ncan make profits not only in terms of interest payments, but also<br>\ncapital gains, because the bonds can be traded on the Surabaya<br>\nStock Exchange,\" a director of the lead underwriting company PT<br>\nSigma Batara, Eko Ganefianto, told journalists yesterday.<\/p>\n<p>Eko declined an assumption that investors would not get much<br>\nbenefit if the coupon rate was fixed for the whole five years.<\/p>\n<p>\"We need a few days more to determine the fixed rate,\" he<br>\nadded.<\/p>\n<p>Meanwhile, a Pakuwon Jati director, Omar Ishananto, said that<br>\nthe planed mall, to be called \"Pakuwon Megamall\", needs total<br>\nfunds of Rp 289.8 billion. Therefore, the company will provide<br>\nthe other Rp 89.8 billion from its own equity.<\/p>\n<p>Omar said that Pakuwon Megamall will be built on a 23-hectare<br>\nplot on Jl. Major General Sungkono in West Surabaya. The mall<br>\nwill have a total space of 215,000 square meters.<\/p>\n<p>To guarantee the bonds, Pakuwon has two sources of funds: the<br>\nexpected net revenue from the megamall's rental payments and its<br>\ninsurance premium, he said.<\/p>\n<p>\"We expect to gain net rental payments of Rp 250 billion in<br>\nthe first five years,\" Omar said.<\/p>\n<p>He added that Pakuwon Jati has gained rental commitments for<br>\n60 percent of the total space in the planned megamall. PT<br>\nMatahari, a retailing firm, will be the largest tenant, with a<br>\n20-year contract.<\/p>\n<p>Pakuwon Jati, set up in 1986, has built three shopping<br>\ncenters: the eight-floor Tunjungan Plaza I (which commenced<br>\noperation in 1986), the 17-floor Tunjungan Plaza II (1991) and<br>\nTunjungan Plaza III (earlier this year), all located in \"Pakuwon<br>\nCity\" in Surabaya.<\/p>\n<p>Omar confirmed yesterday that early next month, his company<br>\nwill break the ground for the construction of its Tunjungan Plaza<br>\nIV, an integrated shopping center with a 212-room star-rated<br>\nhotel. (alo)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/pakuwon-jati-to-issue-bonds-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}