Chandra Asri, Owned By Conglomerate Prajogo Pangestu, Receives IDR 5 Trillion Funds From Five Debt Issuances

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Chandra Asri Petrochemical Tbk (TPIA), a petrochemical company owned by conglomerate Prajogo Pangestu, earned a total of IDR 5 trillion from the issuance of bonds.

The funds come from five issuances. In details, stage I in 2020 is Rp. 1 trillion, stage II is Rp. 600 billion, stage III is Rp. 1 trillion, stage IV is Rp. 1 trillion and stage V is Rp. 1.4 trillion.

The latest publication, stage V, even recorded oversubscription. "The latest Phase V 2022 issuance recorded an advance order and the largest excess demand ever of IDR 2.5 trillion (178 million US dollars)," said Chandra Asri President Director Erwin Ciputra in a statement, Thursday, March 10.

Erwin also said that the bond phase V became one of the longest tenors for private companies, with credit repayments of up to 10 years through competitive and attractive terms.

“We are pleased to be able to successfully complete the Rupiah bond program with the strong support of loyal investors and co-underwriters. This is strong evidence of the high confidence of domestic investors in the Company's performance and financial strength," Erwin added.

According to Erwin, the issuance of corporate bonds can provide an attractive alternative for investors to help meet investment needs, diversify portfolios to reduce risk, and increase returns and returns for investors.

As additional information, the underwriters of Chandra Asri's Phase V bonds include PT BCA Sekuritas, PT BNI Sekuritas, PT BRI Danareksa Sekuritas, PT CIMB Niaga Sekuritas, and PT DBS Vickers Sekuritas Indonesia. Meanwhile, PT Bank Tabungan Negara Tbk acts as the trustee.

"Chandra Asri will strive to develop the Rupiah Bond Continuity Program and will launch a new offering in 2022 to provide investors with sustainable opportunities to participate in the company's growth and expansion," Erwin concluded.