Bakrie & Brothers & YTL Corporation will issue sukuk with a total value of US$ 2.2 billion

01 April 2020 09:33

PT Bakrie & Brothers Tbk (BNBR) plans to issue sukuk with a total value of US$ 2.2 billion. Funds obtained from the sukuk will be used by the company to continue the Tanjung Jati A power plant project with a capacity of 2,660 megawatts (MW).

The total investment for the project is estimated to reach US$ 2.8 billion. The project, located in Cirebon, is a joint venture between BNBR and YTL Corporation, Malaysia. with an ownership portion of 20% for BNBR and 80% for YTL Corporation.

Amri Aswono Putro, Finance Director of BNBR, said that his party would seek funding overseas. "The plan is to issue sukuk in Malaysia," he said on Monday (30/3).

According to him, funds from the sukuk is expected to be able to cover 70% or 80% of the total investment. (AM/AR)

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