Adhi Commuter Properti Will Issue IDR 500 Billion Bonds

JAKARTA - The subsidiary of PT Adhi Karya (Persero) Tbk, PT Adhi Commuter Properti will issue bonds amounting to IDR500 billion. The funds will be used to increase the company's portfolio and business expansion in line with the dominance of property in the Transit Oriented Development or TOD area.

"The proceeds from the I Adhi Commuter property bond public offering will be used for spending to add land banks and funding a number of projects," said President Director of PT Adhi Commuter Properti Rizkan Firman in a virtual public expose in Jakarta, Thursday April 15.

The public offering is expected to be held on 11 and 17 May 2021, 18 May allotment, 20 May distribution of bonds, and 21 May listing of bonds on the IDX.

PT Pemeringkat Efek Indonesia (Pefindo) has given an idBBB (Triple B) rating for the bonds to be listed on the Indonesia Stock Exchange (IDX). PT Sucor Sekuritas, as the underwriter for the bond issuance, estimates that the schedule for the public offering of PT Adhi Commuter Properti bonds, namely April 14, is the issuance of a brief prospectus publication permit from the OJK, April 15-26, the bookbuilding process, and May 7, 2021 to receive an effective statement from OJK

Transit Oriented Development (TOD) residential development in the Metropolitan city of Jakarta has developed and the area has become the target of residents of Jakarta and its surroundings who want a place to live in the TOD area because it will make it easier for them to do activities, especially trips to the city center.

Adhi Commuter Properti is one of the development companies that is aggressively developing the TOD area concept. Seven points at the Jabodebek Phase I LRT Station have company projects, with a total of 13 projects spread across Jabodetabek, and a total of 54,076 units with a land bank of 140 hectares.

Adhi Commuter Properti itself has strong capital support from the ADHI Group which has provided a paid-up capital of IDR 1.135 trillion, then in the fourth quarter of 2019 it increased again to a total of IDR 2 trillion.

"Our other advantage is the certainty of development so that the handover will be on time. In addition, as a subsidiary of the ADHI Group, our business lines are closely integrated with ADHI's Competitive Advantage, namely the construction of trains or LRT," said Rizkan.

As of September 2020, the company has managed to book revenue of IDR 699 billion with EBITDA of IDR 103 billion, net profit of IDR 88.2 billion, assets of IDR 4.7 trillion and equity of IDR 2 trillion.

As the COVID-19 pandemic begins to subside in early 2021, the company predicts the market will return to normal starting this year and has also launched business projections for the next five years with very significant growth for the high rise, landed housing and commercial area business segments.

In the next five years, the company will hand over almost all of Tower 1 and Tower 2 of the projects that are running in 2020-2021. The company is optimistic that it will achieve marketing sales growth in the next five years and will grow by 59.4 percent.