PT Reliance Securities Tbk, local stock brokerage, finally announced its plan to raise Rp44 billion by issuing a 12% rupiah denominated bonds.
The bonds will be issued by Reliance on July 27.
President Director Hosea Nicky Hogan said Reliance will utilize the proceed to refinance the existing bonds of Rp40 billion maturing on July 10.
Hosea said the proposed bonds, maturing on July 10 2014, will be set via a limited offer to less than 50 invidual investors.
Referring to the announcement submitted to Indonesian Securities Central Depository yesterday, Reliance initiates the first coupon payment on September 27.
According to him, Reliance will use the bonds issuance to develop its branches and online trading.