Indonesian drilling firm PT Apexindo Pratama Duta Tbk (APEX.JK: Quote, Profile, Research, Stock Buzz) said on Monday it planned to raise 750 billion rupiah ($68 million) from the sale of Islamic and conventional bonds next month.
The firm plans to sell 500 billion rupiah of conventional bonds and 250 billion rupiah of ijarah sale-and-leaseback sukuk, to raise working capital, according to a prospectus published in a newspaper.
Apexindo has appointed PT CIMB-GK Securities Indonesia, PT DBS Vickers Securities Indonesia, and PT Mandiri Sekuritas to underwrite the bonds, which will be offered between May 20-25.
Sukuk comply with sharia, or Islamic law, which bans charging interest. Investors are instead paid income derived from assets such as rent from property or commercial transactions such as trade in goods and services. ($1 = 11,085 rupiah) (Reporting by Sonya Angraini; Editing by Sara Webb)