JAKARTA (TheInsiderStories) – The developer, PT Ciputra Development Tbk (IDX: CTRA) had completed the debt refinancing of global bond S$150 million (US$111.94 million) due in September 2021. The issuer redeemed the notes with a new issuances with the same amount will mature at 2026 and interest rated 6 percent per annum.
Since early 2021, the company published a global bond in stages. In Feb. 2, released tranche 1 worth of S$ 100 million, on Feb. 11 tranche 2 with valued S$25 million, tranche 3 amounted to S$25 million on March 5.
Director of Ciputra Development, Tulus Santoso, said the process of global redemption bond was completed on March 19. With a longer maturity, he adds, the property business holding have the potential looks another debt to be repaid. Currently, the real estate firm have a total debt of Rp10 trillion ($694.44 million) and around 15 percent in foreign currency.
Beside, focus on debt refinancing, the real estate firm also plans to spend around Rp1.1 trillion in this year. At the same year, the company also targeting the marketing sales around Rp5.87 trillion, 6.72 percent higher than the realization in 2020 amounting to Rp5.5 trillion.
Ciputra was established on Oct. 22, 1981, when the founding father established a company named PT Citra Habitat Indonesia. In 1990 he changed the name of the company to PT Ciputra Development. In 1994 the property firm made an initial public offering (IPO) on the Indonesia Stock Exchange.
In 1999, its subsidiary, PT Ciputra Surya Tbk conducted an IPO and then PT Ciputra Property in 2007. In 2016, Ciputra Surya rejoined Ciputra Development. To date, the company has developed around 76 projects such as housing, apartments, shopping centers, hotels, golf courses, hospitals and offices in more than 33 major cities throughout Indonesia.
The builder has also developed residential projects that target lower-class consumers in several locations around the archipelago. In mid of 2020, the property company has offered 1.85 billion new shares with a private placement scheme. The number is equivalent to 10 percent of the total paid up and fully shares and is estimating to raises Rp462.5 billion from the share sale.
The company owned by the Ciputra family had announced it was looking for a strategic investor to develop several property projects in Indonesia. However, the management has not been able to provide details regarding the plan. The Ciputra shareholders who did not participate in the additional capital would experience ownership dilution of a maximum of 9.99 percent.
Santoso stated, capital increase part of an anticipation the increasing need for funds over the next two years. This plan will first be sought for shareholder approval on July 30, 2020. Before announced the corporate action, in March 2020, the shareholders increased their ownership 5.81 percent ownerships by bought 1.07 billion shares with worth of Rp789.48 billion.
With the purchased, its major shareholder, PT Sang Pelopor, now holds 52.77 percent ownership from previously around 46.69 percent. Ciputra have a total land bank is 4,300 hectares which is included in the development area under operational cooperation.
US$1: S$1.34, Rp14,400
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