Eyeing IDR 750 billion, IATA to issue bonds and sukuk wakalah
JAKARTA - PT MNC Energy Investments Tbk (IATA) is targeting to secure IDR 750 billion from the issuance of Shelf-Registration Bonds I 2023 worth IDR 500 billion and Shelf-Registration Sukuk Wakalah I 2023 worth IDR 250 billion starting from September 29 to October 3, 2023.
Andi Tenri Dala Fajar, Corporate Secretary of IATA, said that the proceeds of this bonds and sukuk issuance will be used as its working capital for coal trading, paying off outstanding facilities, and providing a facility for PT Bhakti Coal Resources (BRC) to accelerate coal business development.
These securities, both Bonds and Sukuk Wakalah, are not guaranteed with specific collaterals, be it income of assets of the company.
The assigned underwriters are PT KB Valbury Sekuritas and PT MNC Sekuritas, while PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) will step in as a trustee.
PT Pemeringkat Efek Indonesia (Pefindo) has set the rating to “idA- (Single A Minus)” and “idA-(sy) (Single A Minus Sharia)” for this upcoming bonds’ issuance.
For the record, IATA has total coal reserves of 386.6 million metric tons (MT). It covers 20% of total mining areas of 72,478 hectares (Ha). The coal reserves of IATA are expected to proliferate as the exploration process continues, reaching up to 600 MT for all Mining Business Licenses. (LK/ZH)