Sumarecon to issue bonds

Sumarecon to issue bonds

JAKARTA: Publicly listed property company PT Sumarecon Agung announced on Tuesday it would issue Rp 200 billion (US$23.5 million) worth of fixed-rate bonds with coupon yields of between 14.875 percent and 15.875 percent.

The company said it would use 60 percent of the proceeds for investment in property and 40 percent for working capital.

Sumarecon has appointed PT Andalan Artha Advisindo and PT Danpac Sekuritas as underwriters, while for the trustee the company appointed state Bank Mandiri.

The bonds will be listed on the Surabaya Stock Exchange on July 10.

Sumarecon is the managing company of Kelapa Gading Mall and Kelapa Gading housing estate in North Jakarta. -- JP