JAKARTA - PT Ciputra Development Tbk (CTRA), a property company owned by the Ciputra Group, planned to issue Medium Term Notes (MTN) worth SGD 200 million or IDR 2.12 trillion.
Tulus Santoso, Director of CTRA, explained that the plan was carried out after the company amended agreement with DBS Bank Ltd regarding MTN Multi Currency program. Under the agreement made on September 11, 2017, CTRA and DBS Bank agreed to issue MTN of up to SGD 200 million.
"The company has increased the MTN limit that can be issued from SGD 200 million to SGD 400 million," said Santoso through an information disclosure on Indonesia Stock Exchange.
He admitted that the plan to issue MTN still depended on capital market conditions. He estimated that the issuance value of this debt security would exceed 20% of CTRA's total equity. "However, [the MTN issued] was less than 50% of the company's equity, based on the corporate financial statements ending September 30, 2020," said Santoso. (KR/VA)