Dec 28, 2010

Summarecon seeks Rp1 trio financing

Property developer PT Summarecon Agung Tbk (SMRA) is considering three options of financing in a bid to raise Rp1.05 trillion.
As reported by a local media, Summarecon President Director Johanes Mardjuki said the company is exploring loan facility, bond issuance, and rights issue to obtain the financing. The company will use the financing to meet capital expenditure requirement set at Rp1.5 trillion.
"The financing is hopefully to meet 70% of the capex, while the remaining will be supported by internally generated cash flow," he said. 
Summarecon has obtained informal agreement from banks regarding to the facility. However, the company still requires bond issuance and rights issue scheduled mid 2011.
According to him, the company will use the capex to continue business expansion in Summarecon Serpong, Semmarecon Kelapa Gading, and Bekasi. 

Disclosure: No position at the stock mentioned above.

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