Jul 28, 2011

KIJA seeks US$310 million financing

Property developer PT Jababeka Tbk (KIJA) is seeking US$310 million financing to underpin its business expansion and refinance debt this year.
Jababeka President Director Setyono Djuandi Darmono, as quoted by Bisnis Indonesia today, said the financing is consisting of US$160 million for land acquisition, US$110 million to develop infrastructure facilities in industrial estate, Cikarang, and US$40 million to refinance debt to CIMB Niaga.
"We are exploring options of bond issuance, rights issue, and combination of both," he said.
To develop infrastructure facilities, he said Jababeka needs financing to accomplish power plant of Bekasi Power and Cikarang Dry Port. The company is scouting 400 hectares of land acquisition.
Jababeka has officially mandated PT Danareksa Sekuritas as financial adviser for the actions, including rights issue.

Disclosure: No position at the stock mentioned above.

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