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)