PLN delays issuing bonds
Wednesday, July 9 2003 - 03:44 AM WIB
State electricity company PLN has postponed its plan to issue Rp1 trillion (US$=Rp8020) in bonds, which had initially been planned for around June of this year, Kompas daily reported Wednesday.
?We have not yet met with the board of commissioners to discuss the bond issuance plan. So, the plan has been delayed for an indefinite time,? the paper quoted PLN president director Eddie Widiono as saying Tuesday.
PLN had initially planned to issue Rp1trillion in bonds around June of this year to finance the construction of its 6x100-150 megawatt combined cycle power plant in Bekasi, West Java. Construction works were planned to start from July 2004.
The power project would cost $400 million, PLN officials said. (*)