Mulialand receives triple B plus rating

Mulialand receives triple B plus rating

JAKARTA (JP): PT Mulialand, a publicly listed property
developer, has received a triple B plus grade from the credit
rating agency Pefindo for its five-year bonds.

Mulialand announced here yesterday that the bonds worth around
Rp 100 billion (US$45.45 million) would soon be offered to
domestic investors.

Funds to be raised from the issuance of the debt instruments
will be used to finance the construction of its Taman Anggrek
condominium and shopping complex in West Jakarta, now being
constructed by PT Mulia Intipelangi, its subsidiary.

Earlier, the company, which owns and operates a number of
high-rise office buildings and hotels in the capital, also raised
around $85 million from the issuance of its secured floating rate
notes (FRN) overseas.

The company said that funds raised from the issuance of bonds
and the FRN debt instrument reached around Rp 300 billion.

Mulialand also reported that its half-yearly financial
performance showed a promising result, with operational revenues
rising by 119.48 percent from the same period last year.

"The increase in the revenues was mainly caused by sales of
condominium space in Taman Anggrek," the company's president Joko
S. Tjandra said in a statement, adding that the sales of the
condominium space alone reached Rp 103 billion.

The net profit in the first semester of 1995 rose by 83
percent to Rp 38.7 billion in the January-June period over the
same period of last year. (hen)