WiKa to issue Rp200b in bond

WiKa to issue Rp200b in bond

JAKARTA: Indonesia's state-owned construction company PT Wijaya Karya, or Wika, will issue up to Rp 200 billion in bonds, the Surabaya Stock Exchange said Thursday.

Wika will use 50 percent of the proceeds as working capital, 40 percent to help refinance maturing bonds, and 10 percent for business development, the exchange said in a statement.

Wika signed an agreement with the exchange Wednesday to list the bonds there. The time table for the issuance remains unavailable.

Some of the bonds will carry fixed rates and some will offer floating ones, the exchange said. Wika has appointed PT Danareksa Sekuritas and PT Trimegah Securities to underwrite the bond. -- Dow Jones