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Tuesday, October 13, 2009

PP Issues Bonds worth IDR125 Billion


Selasa, 13/10/2009 00:00 WIB
PP Issues Bonds worth IDR125 Billion
JAKARTA: PT Pembangunan Perumahan (PP) issues medium-term notes (MTN) IX B/2009 worth IDR125 billion, which will mature in February 2011.

Corporate Secretary of PP Betty Ariana revealed the company appointed publicly listed PT Trimegah Securities Tbk to underwrite the bond issuance. However, he declined whether PP would issue another similar instrument this year.

Data by PT Kustodian Sentral Efek Indonesia yesterday showed PP would pay the coupon to the investors once every three months. The first coupon payment will be made on November 15.

PP issued two-year MTN IX A/2009 worth IDR50 billion at the end of last month. Betty stated the company had yet decided whether it would delay or realize the issuance of a similar instrument this year.

Concerning its initial public offering (IPO), the company confirms the government will still hold a 51% stake in the company.

"We will try to make the government still the majority shareholder of the company since this is part of the things we agree to with the House," explained President Director of PP Musyanif to the press yesterday.

He informed the company was only permitted by the House to divest a 30% stake maximum. According to him, the government at the moment controls a 51% stake in PP, while employee cooperative and PP employees seize a 49% stake.

PP appoints the consortium of PT Mandiri Sekuritas, PT Danareksa Sekuritas, and PT DBS Vickers Securities Indonesia to underwrite the IPO. The company and the underwriter plan to do a roadshow to several countries, such as Hong Kong and Singapore, to market the shares.

He exposed the company plans to switch the company's business focus from the construction sector to the infrastructure investment sector after the IPO. "We will receive two incomes, namely income from infrastructure projects and income from our position as one of the shareholders in the infrastructure consortium."

He added revenues from housing construction activities only represented less than 3% of the company's total revenues, while the rest was contributed by infrastructure projects. The company last year booked IDR285 billion in earnings and is working on projects worth IDR4 trillion at the moment. (Bisnis/21)

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