PT Duta Anggada to issue bonds worth Rp 100 billion
PT Duta Anggada to issue bonds worth Rp 100 billion
JAKARTA (JP): PT Duta Anggada Realty, a property company listed on the Jakarta Stock Exchange (JSX), announced its plan here yesterday to issue bonds worth Rp 100 billion (US$46.5 million) to finance new property projects.
Hartadi Angkosubroto, the president of the company, said here yesterday that the debt securities, the second issuance after last year's bond issuance of Rp 25 billion, would be sold at par and would carry a fixed interest rate.
The interest rate of the bonds, which will have a maturity of six years, has not been fixed, he said.
An executive of Sigma Batara, which arranges the bond issue, said indicative rates of the bonds, which received a triple B minus rating from the Pefindo rating agency, will be set at around 17 percent per annum.
Hartadi said the funds to be raised from the bond issuance would be used to partly finance new apartment and office building projects.
Duta Anggada, which at present owns a number of apartments, office buildings and housing facilities in Jakarta and Surabaya, is currently constructing a number of new office buildings and apartments in the capital, he said.
"The new property projects include the Bapindo Center, Agro Plaza, Pavilion Park, Hayam Wuruk Plaza, Menteng Regency and Jatinegara Plaza," he explained.
The bonds will be offered to the public early next month and will be listed on the over-the-counter market at the end of the month.
The bond issuance is arranged by Sigma Batara securities company, with the state-owned Bank Rakyat Indonesia (BRI) acting as its trustee.
Duta Anggada, with total assets of around Rp 878 billion ($353.48 million) as of last September, is a member of the Gunung Sewu Group.
According to the company's unaudited financial reports, the sales revenues almost doubled to Rp 70.85 billion last year ending on Sept. 30, from Rp 37.34 billion in the same period of 1993, while its pre-tax profit rose to Rp 42.53 billion from Rp 21.99 billion. (hen)