PLN may delay bond issue
Wednesday, September 14 2005 - 04:55 AM WIB
State-owned electricity company PT Perusahaan Listrik Negara (PLN) may delay plans to issue 1.7 trillion rupiah ($168.5 million) in bonds this year because the yield needed to attract investors would be too high, Bisnis Indonesia newspaper reported on Wednesday.
An executive at an underwriting company for PLN said market conditions were unfavourable.
"We, along with other underwriters, are still monitoring the market. If there is any development, we will meet the PLN management again," Wahzari Wardaya, a director at underwriter PT Danareksa Persero, was quoted by the newspaper the as saying.
Danareksa, PT Trimegah Sekuritas and PT Andaan Artha Avisindo Sekuritas have been appointed to jointly manage the issuance of the rupiah-denominated bonds.
An official from another underwriting company had previously said the bonds would be issued in November, with proceeds to be used for power plant projects. (*)