Jan 7, 2011

Pertamina sets US$1.5 bio bonds in 1Q

The state-owned oil and gas producer PT Pertamina (Persero) expects to raise US$1.5 billion from bonds issuance in the early of second quarter of 2011.
Financial Director of Pertamina M. Afdal Bahaudin confirmed that the issuance plan of US$-denominated bonds stayed to include in 2011’s Work and Budget Planning of Company (RKAP)
As Afdal stated the bonds fund will be benefited to add capital expenditure (capex) of this year. However, he declined to confirm in detail on bond and capex allocation because there is no license yet from SOEs Ministry acted as a shareholder.
In the meantime, General Meeting of Shareholders (RUPS) on RKAP, as he continued, will be already held on January 20 2011.
Meanwhile, as Bisnis reported, the bonds issuance of state-owned oil and gas company appointed three securities, namely Citi, HSBC, and Credit Suisse. Then, the bonds are estimated to have 7 to 10 tenors.
On the other hand, for Pertamina’s capex, Deputy Assistant of Strategic Industry and Manufacture Business Field at SOEs Ministry Gatot Trihargo previously stated that Pertamina had submitted RKAP to SOEs Ministry that was allocated by Rp36 trillion for the business expansion.

Disclosure: No position at the stock mentioned above.

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