Adhi Karya to issue Rp 200b in bonds

Adhi Karya to issue Rp 200b in bonds

JAKARTA: Indonesia's state-owned construction company PT Adhi Karya will issue around Rp 200 billion in bonds in the second quarter of the year to partly refinance maturing debts and raise cash for working capital, a banker involved in the plan said Friday.

The company has appointed PT Danareksa Sekuritas as lead underwriter for the issue, Wazhari Wardaya, Danareksa's president director, said.

The company hasn't set a detailed timetable for the bond issue yet, he said.

A slew of local companies are rushing to tap the domestic bond market currently amid falling interest rates. Over Rp 7 trillion in new corporate bonds is expected to be issued this year. -- Dow Jones