Indonesia's Bakrieland raises 150 bln rph from sukuk

JAKARTA, July 9 Thu Jul 9, 2009 1:57am EDT

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JAKARTA, July 9 (Reuters) - Indonesian property firm PT Bakrieland Development Tbk (ELTY.JK) raised 150 billion rupiah ($14.7 million), as targeted, from a sukuk issue to finance business expansion, an underwriter told Reuters.

Bakrieland is part of the diversified Bakrie Group, controlled by the family of cabinet minister Aburizal Bakrie.

The firm issued a two-year tranche with a coupon rate of 15.48 percent and a three-year tranche at 16 percent, according to Djoko Purwanto at PT Bahana Securities which, together with PT Madani Securities, underwrote the offering. ($1 = 10,210 Rupiah) (Reporting by Sonya Angraini; Editing by Sara Webb)

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