Bakrieland seeks $51M loan for property, roads
PT Bakrieland Development, the Bakrie group’s property arm, is preparing to start talks to secure a Rp500 billion ($51 million) loan from one of its major shareholders, Avenue Capital, Bakrieland president director Hiramsyah Thaib said on Wednesday, The Jakarta Globe reported.
“We expect to secure the loan in the next two or three months,” he said, adding that the company plans to spend Rp2.5 trillion on its property and toll road projects this year.
With Rp2 trillion in syndicated loans already secured, he said, the company had initially planned to issue Rp500 billion in convertible bonds. Due to the complexity of issuing the bonds, however, Bakrieland has decided to pursue lower-cost shareholder loans.
“We also plan to issue a Rp1 trillion bond next year, which may be conventional or shariah-based, to repay part of the syndicated loan,” he said.
Thaib said the sale was intended to improve the cash position of
The company may open the 35-km Kanci-Pejagan segment of the Trans-Java toll road on a trial basis before the Idul Fitri holiday in late September, he said, adding that motorists would likely be able to use the road for free during the holiday.
Australian and Singaporean investors had expressed interest in a 30% stake in
Axiata's CEO Jamaludin Ibrahim said in Tuesday's statement that the free float would be increased when market conditions improve.
