PT Waskita Karya Tbk (IDX: WSKT) planned to release local bond worth of Rp3.5 trillion (US$246.47 million) - Photo by the Company

Jakarta (TheInsiderStories) – State-owned construction firm, PT Waskita Karya Tbk (IDX: WSKT) planned to release local bond worth of Rp3.5 trillion (US$246.47 million), said the company on Friday (09/06). The fund raising is part the company planned to raise funds up to Rp30 trillion from projects using the turnkey scheme in this year.

The management said, the bond publish in two series. Series A with a term of three years and series B with a term of five years. The bonds will be offered from Sept. 6 to 9 and will be listed on the Indonesia Stock Exchange on Sept. 30, 2019.

PT Bahana Sekuritas, PT BNI Sekuritas, PT Danareksa Sekuritas, PT DBS Vickers Sekuritas Indonesia, PT Indo Premier Sekuritas and PT Mandiri Sekuritas act as joint lead underwriters for the bond issuances.

Beside local bond, the construction firm also has planned to issue seven or 10 years-global bond worth of$300 million by the end of 2019. Finance Director Haris Gunawan has said Waskita would receive the payment from the South Sumatra Light Rail Transit project Rp2.9 trillion in the next few days.

Then, from work of the Trans Sumatra toll road project managed by PT Hutama Karya in November or December 2019 with amount of Rp13 trillion. The developer also hope to receive funds Jakarta – Cikampek II elevated toll payments from PT Jasa Marga Tbk (IDX: JSMR) as the project owner in December wtih total amount of Rp4.5 trillion.

Aside from the turnkey project, Waskita also will get fresh funds from toll road divestment. The operator aimed to divesting part of Trans Java’ section like Kanci – Pejagan, Pejagan – Pemalang, Pasuruan – Probolinggo, Semarang – Batang, Solo – Ngawi, Ngawi – Kertosono, Sriwijaya Makmur toll road also part of Trans Sumatera section’ Medan – Kualanamu – Tebing Tinggi and Becakayu.

On the global bond planned, Gunawan explained, the proceed from the bond issuance will be use to support its businesses. Now, he said, the developer is still watching the market situation before release it.

Last May, the company has issued two series local bonds with total amount Rp1.84 trillion. The bonds have a tenor of three and five years.

Furthermore, Gunawan revealed the firm also planned to issue a limited investment mutual fund with underlying asset in the Bekasi Cakung Kampung Melayu (Becakayu) toll road segment. He said, this instrument would be sold directly to investors not through asset management company. He reluctant to provide the target from the issuance.

Last year, Waskita has issued a similar equity-based instrument, the Trans Java Danareksa Infrastructure fund with total amount Rp5 trillion. The instrument makes the Trans Java toll road as an underlying asset. At that time, the issuance its subsidiary, PT Waskita Toll Road.

Last year, Waskita has issued a similar equity-based instrument, the Trans Java Danareksa Infrastructure fund with total amount Rp5 trillion. The instrument makes the Trans Java toll road as an underlying asset. At that time, the issuance its subsidiary, PT Waskita Toll Road.

US$1: Rp14,200

Written by Staff Editor, Email: theinsiderstories@gmail.com