JAKARTA - Indonesia property developer PT Bumi Serpong Damai Tbk (IDX: BSDE) cuts its bonds issuance target by more than a half to Rp 650 billion ($49.o6 million) from previous target of Rp 1.5 trillion.
BSD Director Hermawan Wijaya, said the company plans to use 80 percent of the bonds proceeds for land acquisition and to finance house, office, commercial space, and infrastructure construction in BSD City, Banten province. The remaining funds would be used to fund the company’s working capital. BDS has been offering five- and seven-year bonds at 9 percent and 9.25 percent interest respectively last week and the bonds would be listed on the Indonesia Stock Exchange on May 18. The underwriter for bond issuance are PT BCA Sekuritas, PT Mandiri Sekuritas, PT Indo Premier Securities, and PT Sinarmas Sekuritas. (*)