LRTCITY.COM - Bonds issued by subsidiaries of PT Adhi Karya (Persero) Tbk (ADHI) were absorbed by Rp 500 billion. PT Adhi Commuter Properti (ADCP) has issued bonds I with a target of Rp 500 billion and coupons of up to 11%.
President Director of Adhi Commuter Properti Rizkan Firman said the bond absorption process was carried out on May 11-17, 2021. All funds from the bond issuance will be used to finance capital expenditures in an effort to increase the portfolio and expand the business.
"This will be the next first step of Adhi Commuter Properti for the initial public offering (IPO) this year," Rizkan said in his official statement, Thursday (5/20/2021).
The initial bond issued by ADCP obtained the triple B rating result from Pefindo. Where, PT Sucor Sekuritas as the underwriter of bond issuance and underwriter of bonds, then PT Aldiracita Sekuritas Indonesia as the underwriter of the bond and the Regional Development Bank of West Java and Banten as the Trustee.
As quoted from CNBC Indonesia, Adhi Commuter Properti ensures that it will list on the Indonesia Stock Exchange in the fourth quarter of this year and aims for an IPO fund of Rp 1.7 trillion. The Company is currently in the process of appointing a consortium of underwriters to become public companies.
"The appointment of underwriters is in the process of beauty contest, hopefully the end of the week or next month has been appointed. The target is Rp 1.7 trillion," said ACP Finance Director Yusuf Ibrahim.
The ipo fund target is lower than the previous projection of Rp 2.5 trillion. The IPO is also part of ACP's capital expenditure needs, of which around Rp 1.7 trillion will be sourced from IPO proceeds, the rest from bond issuance.
Adhi Commuter Properti is a property company that has most of its projects in the Transit Oriented Development (TOD) area in Jabodetabek area. The company also captured the shifting trend by developing a number of property areas at jabodebek LRT station points through LRT City and Adhi City products.
ADCP has also developed other mass transportation-based property areas such as commuter line station points and Transjakarta Bus Pool. Until now ADCP has developed 12 property areas based on mass transportation in Jabodetabek, with land banks reaching 140 ha.
And this year, the Company developed a new area namely LRT City Cibubur which is located at the point of Harjamukti LRT Station, as well as handing over the first stage of cisauk point area - Member of LRT City which is directly connected to Cisauk KRL Station.
The Company expects better demand growth, as seen in the results of ADCP's performance which recorded positive growth in Q1-2021.- Dtk
