REPUBLIKA.CO.ID, JAKARTA - State owned electricity company, PT Perusahaan Listrik Negara (PLN), issues bonds worth maximum 2.5 trillion IDR and sukuk (Islamic bonds) maximum of 500 billion IDR. Total issuance for sustainability public offering (PUB) is maximum of 10 trillion IDR for regular bonds and 2 billion IDR for sukuk.

"Each tenor for the bond and sukuk is 10 years. Bonds and sukuk gets rating idAAA and idAAA (sharia) respectively from Indonesia Stock Rating (Pefindo)," President Director of PLN, Nur Pamudji said on Tuesday.

The period of initial offering or bookbuilding will be conducted on June 17-19, 2013, followed by determination of coupons and Ijarah installment fees on June 24, 2013. PLN expects to obtain effective permission from the  Financial Services Authority (OJK) on June 27, 2013 in order to conduct a public offering on July 1-2, 2013, and listing at the Indonesia Stock Exchange (IDX) on July 8, 2013. 

Fund from bonds and sukuk will be used for investment in electrical facilities, such as transmission and distribution network in Sumatra, Java, Bali, Sulawesi, Maluku and Papua. This is consistent with PLN effort to build electricity infrastructure to provide people with easy access to electricity connection.

The demands for electricity in Indonesia grow 8.65 percent per year within the next 10 years. Limited capacity of electricity supply in Indonesia provides an opportunity for PLN to expand its business. Untill now, PLN has issued conventional bonds in IDR 12 times and sukuk in IDR five times worth 18.78 trillion IDR. PLN also has issued global bond worth six billion USD for six times. 

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