PLN cancels plan to issue US dollar-bond
Tuesday, January 18 2011 - 02:04 AM WIB
State electricity company PT Perusahaan Listrik Negara (PLN) cancels its plan to issue US dollar denominated bonds in the second quarter of this year.
The company?s director for finance Setio Anggoro Dewo said in Jakarta on Monday that the state electricity company was still seeking for a better alternative in securing the required funds for its capital expenditures.
?Like our experience last year, we delayed the sale of the dollar bonds after a study showed that it was not necessary,? he said.
The state electricity company said earlier that it planned to issue US dollar-based bonds to finance this year?s capital expenditures which are expected to reach Rp 66 trillion (1US$ = Rp 9,065). PLN would finance the 30 percent of the required funds from its internal sources. (*)