Indonesian BNBR to Raise USD 2 Billion through Sukuk Issuance in Malaysia

PT Bakrie & Brothers (BNBR), which is an Indonesia based company, plans to issue a Global Sukuk worth up to USD 2 billion to finance a USD 2.8 billion power project, with a capacity of 2,660 megawatts.

Director of Finance at BNBR, Amri Aswono Putro stated that BNBR is planning to issue the Sukuk in Malaysia, which is a mature Sukuk market.

BNBR expects to issue the Sukuk through YTL Corporation (YTL), a Malaysian company which is also BNBR’s partner in a joint venture named PT Tanjung Jati Power Company based in Indonesia’s West Java.

YTL control’s majority of the aforesaid joint venture with an 80% stake while BNBR owns 20...