March 7, 2013 / 7:06 AM / 5 years ago

STOCKS NEWS INDONESIA-Tower Bersama plans $500 mln bond issuance

Indonesia’s PT Tower Bersama Infrastructure plans a $500 million corporate bond issue, the company said after an extraordinary general meeting on Thursday.

The telecom tower operator said it has not appointed underwriters.

Owned by Saratoga Capital and Provident Capital, Tower Bersama owns and operates 8,439 telecommunication sites, serving 13,708 tenants.

The company’s shares were down 0.88 percent after the announcement, trading at 5,650 rupiah. The Jakarta stock exchange index was up 0.16 percent.

1332 (0632 GMT)

(Reporting by Fathiya Dahrul, Editing by Jijo Jacob)

*************************************************************** 11:52 STOCKS NEWS INDONESIA-Agung Podomoro, Intiland jump on hopes of sea wall project Shares in construction companies PT Agung Podomoro Land Tbk and PT Intiland Development jumped on expectations of winning a sea wall construction project.

Jakarta’s newly elected governor, Joko Widodo, said he expects to expedite the construction of the giant sea wall in Jakarta coast to prevent flooding. Widodo now expects to start the project by 2014, six years ahead of the target of 2020.

The construction will cost more than 100 trillion rupiah ($10.32 billion) with 4,000 hectares of land reclamation.

“We believe this could potentially benefit companies with the principal license to do reclamation in Jakarta’s North coast, which includes Agung Podomoro, Intiland Development and Jaya Real Property,” Deutsche Bank said in a note on Thursday.

Shares of Agung Podomoro jumped as much as 9 percent to 485 rupiah, while Intiland’s shares rose as much as 4 percent to 550 rupiah. Jaya Real’s shares were down 0.53 percent at 4,725 rupiah.

Indonesian property sectors was up 1.21 percent, while the Jakarta Composite Index was up 0.32 percent. ($1 = 9,692.5 rupiah)

1102 (0402 GMT) (Reporting by Andjarsari Paramaditha, Editing by Anand Basu)

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