Jakarta. Petrindo Jaya Kreasi, also known by its ticker symbol CUAN, announced Monday that it had listed its Sustainable Bonds I Phase I Year 2025 and Sustainable Sukuk Wakalah I Phase I 2025 on the Indonesia Stock Exchange.
These bonds are worth totaling Rp 1 trillion or about $61.6 million. The sustainable bonds held a principal amount of Rp 650 billion, while the Sustainable Sukuk Wakalah with the remaining ijarah benefits is valued at Rp 350 billion.
CUAN also saw an oversubscription of these bonds. The money will entirely go to the subsidiary Multi Tambangjaya Utama (MUTU) as working capital.
“This is part of the company’s strategy to diversify financing sources and optimize the financial structure, including expanding the investor base other than the banking sector that has been obtained so far as a manifestation of market confidence in the sustainability of Petrindo’s business in the long term,” Petrindo Jaya Kreasi’s director Kartika Hendrawan was quoted as saying in a press statement.
Credit rating agency Pemeringkat Efek Indonesia (PEFINDO) has already given Petrindo ratings of idA (single A) and idA(sy) (single syariah) for its bond and sukuk wakalah, respectively. The rating is based on Petrindo’s data as well as its audited financial report as of Dec. 31, 2024.
The rating by PEFINDO stated that debt security rated idA indicates the issuer’s strong ability to meet long-term financial commitments for the debt securities, compared to its counterparts in Indonesia. The same applies to Sharia funding instruments with the idA(sy) rating.
As a company in the mineral and energy mining sector, Petrindo uses sustainable value creation and focuses on maintaining growth and realizing business strategies in accordance with the targets and long-term plans that have been set.
Petrindo and its subsidiaries focus on three business lines, namely the mining ownership business line, both thermal coal, high-calorie coal (metallurgy), gold, silver, and silica sand. It also has a mining services business line through the provision of multidisciplinary mining contract services and integrated EPC. As well as the infrastructure & other services business line by providing services through the Petrosea Offshore Supply Base (POSB) and Intermediary Stockpile (ISP).
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