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| A technician checks facilities in power plant in Probolinggo, East Java. State owned electricity company, PT Perusahaan Listrik Negara (PLN), issues bonds and sukuk to finance electricity infrastructure projects. (illustration) |
State owned electricity company, PT Perusahaan Listrik Negara (PLN),
issues bonds worth maximum 2.5 trillion IDR and sukuk (Islamic bonds)
maximum of 500 billion IDR. Total issuance for sustainability public
offering (PUB) is maximum of 10 trillion IDR for regular bonds and 2
billion IDR for sukuk.
"Each tenor for the bond and sukuk is 10 years. Bonds and sukuk gets
rating idAAA and idAAA (sharia) respectively from Indonesia Stock Rating
(Pefindo)," President Director of PLN, Nur Pamudji said on Tuesday.
The period of initial offering or bookbuilding will be conducted on
June 17-19, 2013, followed by determination of coupons and Ijarah
installment fees on June 24, 2013. PLN expects to obtain effective
permission from the Financial Services Authority (OJK) on June 27, 2013
in order to conduct a public offering on July 1-2, 2013, and listing at
the Indonesia Stock Exchange (IDX) on July 8, 2013.
Fund from bonds and sukuk will be used for investment in electrical
facilities, such as transmission and distribution network in Sumatra,
Java, Bali, Sulawesi, Maluku and Papua. This is consistent with PLN
effort to build electricity infrastructure to provide people with easy
access to electricity connection.
The demands for electricity in Indonesia grow 8.65 percent per year
within the next 10 years. Limited capacity of electricity supply in
Indonesia provides an opportunity for PLN to expand its business. Untill
now, PLN has issued conventional bonds in IDR 12 times and sukuk in IDR
five times worth 18.78 trillion IDR. PLN also has issued global bond
worth six billion USD for six times.
Sources :
http://www.republika.co.id/berita/en/jakarta-region-others/13/06/18/molg8c-pln-issues-bonds-and-sukuk-worth-3-trillion-idr
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