Spindo to build new steel mills
Thursday, July 10 2014 - 01:41 AM WIB
IDX-listed PT Steel Pipe Industry of Indonesian Tbk (Spindo) plans to build three new steel mills in Karawang (West Java), Pasuruan and Sidoardjo (East Java) with combined investment of up to Rp 1.4 trillion until 2015 in an expansion drive to meet growing demand, Investor Daily reported on Thursday.
The paper quoted Spindo President Director Ibnu Susanto as saying that funding for the projects will come from internal funds and proceeds of planned bond issue.
He added that investment for the planned mill in Sidoardjo that would produce large diameter steel products is estimated at about Rp 1 trillion.
Spindo plans to issue bonds worth between Rp 300 and Rp 500 billion this year. He said that the plan has been approved by shareholders. (*)