PT Mora Telematics Indonesia to Raise IDR 277 Billion in Sukuk Ijarah

PT Mora Telematics Indonesia (Moratelindo) has announced the planned issuance of IDR 277 billion in its Sukuk Ijara I Phase II/2020 (Sukuk Ijarah), with a total reward of IDR 29.74 billion. According to Moratelindo’s management, the Sukuk Ijarah will be offered in two series; Series A valued at IDR 191 billion carries a three-year tenure, whilst Series B, which matures in five years, has a total value of IDR 86 billion.

According to Moratelindo’s prospectus, 90% of the funds raised will go towards the expansion of Moratelindo’s backbone network and access, including underground and subsea cables from Sumatra to Nusa Tenggara. The remaining 10% of the funds will be used to meet working capital requireme...