Citra Marga to issue Rp800b bonds

JAKARTA: Leading private toll operator PT Citra Marga Nusaphala Persada plans to issue a total of Rp 800 billion (US$86.95 million) in bonds this year to refinance its debts and the development of a 12-kilometer toll road in Surabaya.

The bonds will be issued in two phases of Rp 400 billion each in April and December, Citra Marga president director Daddy Hariadi said on Thursday.

Part of the proceeds will also be used to take part in the government's planned infrastructure projects.

As of December 2004, the publicly listed company recorded an unaudited net profit of Rp 91 billion, down 25 percent from the Rp 122 billion it booked the previous year. -- JP