PLN to appoint UBS as underwriter for planned Islamic bonds
Wednesday, July 5 2006 - 01:21 AM WIB
State power utility PLN has decided to appoint UBS Investment as lead underwriter for planned Islamic bonds worth US$1.6 billion. PLN acting president director Djuanda Nugraha said Tuesday that appointment of UBS will be made official this week.
He said that once the underwriter has been appointed, the marketing of the bonds would be conducted starting with countries in the Middle East. The proceeds from the bonds offering would be used to help finance the development of planned 10,000 MW coal-fired power plants. The company had previously issued Rp 2 trillion worth of bonds in the domestic market.
Djuanda added that interest for PLN bonds had been strong, not only from Middle East investors but also from European investors.(Godang)