JAKARTA: PT Bakrieland Development Tbk may issue bonds or seek bank loan for IDR500 billion funds to finance its business expansion, said President Director Hiramsyah Sambudhy Thaib told Bisnis.We might seek IDR500 billion loan facility that may due in 2-3 years," he said on the weekend.The company has room for more fund raising because of its debt-to-ratio level is currently at 55.6%. It also has IDR8.6 trillion equity, which is the highest among other developers.Bakrieland, a member of Bakrie Group, is a property and infrastructure developer with four main businesses: urban property, conventional residential, hotel and resort and other property related infrastructures.Bakrieland booked net profit of IDR126.1 billion in first half 2011, doubling from IDR63.1 billion on the same period last year on higher sales.Bakrieland's sales rose by 94.4% to IDR1.04 trillion from IDR537.5 billion.Recurring income jumped 180.1% to IDR290.7 billion, from IDR161.4 billion partly due too higher revenue from Kanci-Pejagan toll road which booked IDR45.7 billion revenue.Bakrielands operating profit rose by 101.9% to IDR164.2 billion from IDR81.3 billion.Replacing limitlessBakrieland is seeking a new strategic partner to replace Limitless, a unit of Dubai World, to complete works on its Rasuna Epicentrum Kuningan project.Previously, Limitless had agreed to acquire 30% of Bakrielands subsidiary share but it has canceled the plan at its parent company Dubai World must restructure its debt.Bakrieland plans to sell stake at its unit PT Bakrie Toll Road via initial public offering in the second half of this year or early next year.At first phase, We will release 20% of Bakrie Toll to strategic investors to attract interest. After that We will also sell 20%-30% stakes through IPO.Vonny Widjaja and Rachmadi Kurniawan, analysts at PT Pemeringkat Efek Indonesia (Pefindo) assigned idBBB+(sy) for its ijarah sharia bond I/2009 due on July 7, 2011 and idBBB+ for bond I/2008. (t05/msw)

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