JAKARTA: PT Kawasan industry Jababeka is seeking US$310 million fund to finance business expansion and to settle debt due this year.In detail, US$160 million for land acquisition, US$110 million for infrastructure development in Cikarang, West Java and US$40 million for refinancing, President Director Setyono Djuandi told Bisnis.We are studying the option whether through bond issuance, rights issue or combination of both options.The soon to be developed projects are the completion of Bekasi Power plant project and Cikarang Dry Port while for land acquisition, the company is planning to acquire 400 hectare this year.For refinancing, Investor Relations Tim Beekelaar stated the decision was made amid high interest expense companys borne every year.The company has a bridging loan facility from CIMB Niaga amounted to US$55 million. The facility consist of series A US$20 million and series B US$35 million. Jababeka will refinance series B which is divided into US$17.5 million and US$195.5 billion.The company bears 14% interest every month for rupiah-denominated loan and 9% for dolar-denominated loan.The decision over the matter is expected to close in the next two months, Corporate Secretary Muljadi Suganda told Bisnis.The company is currently having a discussion with PT Danareksa Sekuritas and other financial advisers concerning the corporate act.In the first six months of 2011, Jababeka booked 15% revenue and net profit growth than the same period last year at IDR331.15 billion and IDR47.89 billion. The gain was amid many international tenants since 2010, said Beekelaar.In other development, PT Sentul City Tbk booked IDR61.17 billion net profit in the first half, skyrocket 126% from IDR27.04 on the same period last year.Based on its financial statement, the property developers revenue increased to IDR167.73 billion from IDR168.40 billion. (18) (t05/msw)

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