Indonesia's Jababeka delays $350 mln bonds due to market volatility
JAKARTA, Sept 19
JAKARTA, Sept 19 (Reuters) - PT Kawasan Industri Jababeka , one of Indonesia's largest industrial park developers, has decided to postpone its $350 million global bond issue due to market volatility, a company spokesperson said on Thursday.
The action to pull the bond sale came despite the U.S. Federal Reserve to leave in place its massive stimulus on Wednesday, leading to a rally in Asian markets.
"We will postpone the planned global bonds until the market is conducive," said Mulyadi Suganda, Jababeka's corporate secretary. "In the mean time, we're looking for better funding options."
Jababeka had 1.6 trillion rupiah ($139.43 million) in short-term liabilities in June and only 307 billion rupiah in cash, according to its published financial report.
($1 = 1,1475.00 Indonesian rupiah)
(Reporting by Fathiya Dahrul; Writing by Janeman Latul; Editing by Matt Driskill)
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