Indonesia state-owned tin mining company to issue 700 bln rupiah sukuk
JAKARTA – Indonesia’s state-owned tin mining company PT Timah plans to sell 700 billion Indonesian rupiah ($52.5 million) worth of sukuk to boost its mining and refinery activities and recondition its facilities to increase production capacity, Mochtar Riza Pahlevi Tabrani, its CEO told reporters in Jakarta on August 24.
Timah will issue 300 billion rupiah in two tranches in October. The first tranche will mature after three years with an annual coupon rate of between 8.5 percent and 9 percent. The second tranche will be due after five years and offer an annual rate of 8.75 percent to 9.25 percent.
The company will issue the remaining 400 billion rupiah in another sukuk later this year.
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