JAKARTA (TheInsiderStories) – The transit oriented developer (TOD), PT Adhi Commuter Properti, plans to release domestic bonds amounting to Rp500 billion (US$34.46 million) for business expansion businesses. The subsidiary of state firm, PT Adhi Karya Tbk (IDX: ADHI), also plans to list its shares in the fourth quarter (4Q) of 2021 with targets at least Rp1.5 trillion.
The bond have two series. Series A has a one year of tenure with a coupon rate 9.5 – 10.5 percent and Series B with a tenure three year have a coupon rate 10.5 – 11 percent. This bond has received a BBB rating for PT Pemeringkat Efek Indonesia helped by PT Sucor Sekuritas.
The bookbuilding period has started since April 15 to 26, public offering on May 11 and 17, allotment on May 18, and listing on the Indonesia Stock Exchange (IDX) on May 21. Finance director of Adhi Commuter,, Mochamad Yusuf, told the media on Thursday (04/15), the proceeds will be used for capital expenditure purposes with total amount Rp 2.2 trillion.
While, president director, Rizkan Firman, added most of the funds will be used for land acquisition and funding a number of projects. He adds, the company’ vision in developing mass transportation-based properties will connecting Commuter Line, Transjakarta, railways, and integrated railroad (LRT).
He explained, there are four projects run by Adhi Commuter in Bogor, Bekasi and Depok in West Java also Tangerang and Cibubur in East Jakarta. Now, the builder has controlled 140 hectares of land, including seven station points and 13 projects. For the next five years, the company aimes to expand the high rise building, landed housing, and commercial area business segments.
He is optimistic, the marketing sales growth will grow by 59.4 percent in the next five years. Until the first quarter of 2021, the company had booked 25 percent of the this year’ target of Rp1.6 trillion, surged nearly 400 percent when compared to last year.
Adhi Commuter engaged in property, town management and infrastructure support, starting from the establishment of the TOD as one of the company’ divisions. Dharmawan said all the fresh funding from the IPO will be used to finance projects being worked on by the subsidiary.
As a group the constructor has a number of projects that are being worked on, like Binjai – Langsa toll road construction project, the Jogja – Solo – Kulonprogo toll road, Jakarta Lingkar Dalam toll roads, Cikunir – Ulujami Elevated Ring Road Toll, and construction projects through PT Adhi Persada Building.
In addition, there are industrial projects through PT Adhi Persada Beton, property projects through PT Adhi Persada Properti and Adhi Commuter, as well as water management and waste management projects. To increase the expansion funds, the issuer through its subsidiaries, will also issue medium term notes worth of Rp500 billion in this year and in 2021, before the IPO of ACP, the constructor to issue another debt securities again.
“We still have an investment allocation of around Rp1 trillion, which will be diverted from this year to next year. We will also to issue debt securities to fund the capital expenditure (needs),” adds by the director.
Starting from an effort to contribute to providing a solution to congestion problems in Greater Jakarta, the parent was assigned to build the light rapid transit (LRT) and created Adhi Commuter. Starting from the establishment of the TOD and hotel department in May 2016, the developer became a subsidiary in July 2018.
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