Two State-Owned Enterprises (SOEs) are eyeing funds from abroad of up to US$ 2 billion. Specifically, PT Perusahaan Listrik Negara (PLN) is aiming for US$ 1.5 billion from global bond offerings, while PT Sarana Multi Infrastruktur (SMI) is exploring syndicated loans of up to US$ 500 million.
Director of Sarana Multi Infrastruktur, Mohammad Ghozie Indra Dalel, said that his party has demonstrated the mandated lead arrangers and bookrunners (MLAB) to handle loan searches. The MLABs are the Bank of China, CTBC, MUFG, Standard Chartered Bank, and UOB. The loan will have a tenor of three years and is used to support infrastructure financing activities in accordance with the mandate of the SMI.
“SMI has given mandates letters to five MLABs, and the target for signing a syndicated loan agreement is September 2020,” Mohammad Ghozie told Investor Daily, Wednesday (6/24).
SMI is a BUMN which is a special mission vehicles (SMV) under the Ministry of Finance that has a financing business for infrastructure projects. Until the end of 2019, SMI was recorded to have assets of Rp 75.82 trillion, with liabilities of Rp 35.96 trillion and equity of Rp 36.85 trillion.
SMI is also listed as a bond issuer, which in the near future will distribute cash dividends of Rp 500 billion, equivalent to 29% of the company’s net profit last year.