Indonesia Pupuk Kaltim plans bonds, sukuk in Q4
JAKARTA Oct 1 (Reuters) - Indonesia's unlisted state fertilizer firm PT Pupuk Kalimantan Timur plans to issue a total of 1.3 trillion rupiah ($135.1 million) in bonds and sukuk in the fourth quarter to fund business expansion, its chief said.
The total debt will consist of 1 trillion rupiah in conventional bonds and the remaining 300 billion rupiah in Islamic-compliant debt, or sukuk. Both will have five-year maturity.
Separately, the country's second-largest mobile phone operator, PT Indosat Tbk (ISAT.JK), was also considering a near-term sale of debt and issuing sukuk would be an option, spokeswoman Adita Irawati said. She declined to elaborate.
Hidayat Nyakman, President director of Pupuk Kalimantan Timur (Pupuk Kaltim), told Reuters late on Wednesday that the firm had appointed state-owned PT Danareksa Sekuritas to underwrite both the conventional and sukuk issues.
"We will launch a public marketing campaign in the third week of October," Nyakman said, adding that he expected the debt sales to be completed at around the end of November. He declined to give further details.
The world's most populous Muslim nation has launched measures including revising its tax laws as it seeks to boost its Islamic markets, which still lag behind neighbouring Malaysia, Asia's Islamic financial hub.
Indonesia's parliament in September passed a revised law on value added tax (VAT) and sales tax on luxury goods, scrapping double taxation on transactions in Islamic financial markets and making it cheaper to raise Islamic debt paper. [ID:nJAK63460] ($1 = 9,620 rupiah) (Writing by Gde Anugrah Arka; Editing by Alex Richardson) (firstname.lastname@example.org; Reuters Messaging: email@example.com; +62 21 384 6364 ext 911))
- With no sign of missing plane, search spreads far across land and sea |
- Malaysia military source says missing jet veered to west |
- Toddler found with heroin at New Jersey daycare center
- Ukraine appeals to the West as Crimea turns to Russia |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source