Jababeka issues US$150m notes to fund expansion
Jababeka issues US$150m notes to fund expansion
JAKARTA (JP): PT Kawasan Industri Jababeka, through its Dutch
subsidiary Jababeka International BV, has issued a three-year
floating rates notes worth US$150 million to support its
industrial estate expansion.
The company said in a statement that the notes, launched in
Singapore yesterday, were arranged by Nomura and Peregrine
through their Hong Kong branches.
"The notes will mature in three years with an interest rate of
2 percent above the six-month LIBOR per annum," vice president
Iwan Putra Brasali said.
Iwan said the funds would be used to finance the land
clearance of the Cilegon industrial estate, in Serang, West Java.
"Part of the funds will be used to acquire 76.5 percent of PT
Batavia City Realty and Batavia Perkasa," he said.
Jababeka is currently developing an integrated industrial
estate in Cilegon, West Serang with a total investment of about
US$600 million.
The new 1,300 hectare industrial estates will accommodate big
industries such as petrochemical industries, machinery,
electronic and marine industry.
PT Batavia Perkasa is developing a shopping and office complex
in Jakarta.
The shopping complex will occupy 60,000 square meters of land,
while the office complex will occupy 75 square meters.
The listed Kawasan Industri Jababeka has obtained a license to
develop 4,270 hectares of land consisting of 1,570 hectares in
Cikarang industrial estate, 1,400 hectares in new Cikarang Kota
Hijau housing estate and 1,300 in Cilegon industrial estate in
Serang, West Java.
The publicly listed industrial estate developer now operates
an integrated industrial estate in Cikarang, West Java.
Jababeka had previously set up PT Gerbang Teknologi Cikarang,
a joint venture between PT Kawasan Industri Jababeka and
Singapore Investment Pte. Ltd., to develop a high-tech estate in
the Cikarang estate.
According to an earlier report, a foreign securities company
Merrill Lynch bought 70 million shares or 11.16 percent of
Jababeka from its founding shareholder PT Mekar Sertajaya.
PT Mekar Sertajaya owns 42.93 percent or 134,640 million
shares of Jababeka. Last year Merril Lynch also bought 62.8
million shares of Jababeka. (aly)