The indonesiatoday.com - indonesia credit rating Pefindo affirmed its "BBB+" rating on property developer PT Bakrieland Development Tbk's (ELTY) Sukuk Ijarah I-A series year 2009 amounting to Rp60 billion that will mature on July 7, 2011. (full story)The company plays to repay the Sukuk Ijarah with its internal cash flow. As the company's free cash balance at end of February 2011 was around Rp200 billion, the company will not have any difficulties to pay the maturing Sukuk. Moreover, the company is still able to accumulate cash flow from operation for the period or April until June 2011.
ELTY is one of the largest property developers in Indonesia. The company has a large-scale super block property project consisting of office, apartment, lifestyle and entertainment center in Jakarta's prime area, namely Rasuna Epicentrum.
The company's other projects would include Bogor Nirwana Residence, Aston Bogor Hotel and Resort, Pan Pasific Nirwana Bali Resort, and Pullman Bali Legian Nirwana.
Besides operating Kanci-pejangan toll road section, the company currently holds the option to develop and own Pejagan-Pemalang, Batang-Semarang, Ciawi-Sukabumi, and Pasuruan-Probolinggo toll road sections.
As of 31 Desember 2010, the company was owned by CGMI 1 Client Safekeeping Account (12.17%), Reksadana Danamas Stabil (9.02%), PT Bakri & brothers Tbk (1.95%) and the public (76.86%). (Theindonesiatoday.com)
April 7, 2011
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