JAKARTA – PT Sawit Sumbermas Sarana Tbk (SSMS) and PT Citra Borneo Utama Tbk (CBUT) plan to jointly and individually issue bonds worth USD 600 million.

The bonds will be listed on the Singapore Exchange (SGX) Securities Trading Limited, following approval from the Independent General Meeting of Shareholders (RUPS) on April 21, 2025.

According to a brief prospectus cited on Tuesday (18/3), the proceeds from the bond issuance will be used to repay certain obligations of the company and its subsidiaries to banks, as well as to strengthen working capital and support the business development of SSMS and its subsidiaries.

Interest on the bonds will be paid semi-annually, with a maturity of five years from the issuance date.

SSMS and CBUT are affiliated due to shared shareholders. As of January 31, 2025, SSMS has an authorised capital of IDR 3.21 trillion, with issued and paid-up capital of IDR 952.5 billion, and a portfolio of shares worth IDR 2.25 trillion.

The structure of the issued and paid-up capital comprises PT Citra Borneo Indah (CBI) at 62.30%, PT Putra Borneo Agro Lestari (PBAL) at 7.35%, and the public at 30.35%.

Meanwhile, CBUT has authorised capital of IDR 1 trillion, with issued and fully paid capital amounting to IDR 312.5 billion, and a portfolio of shares worth IDR 687.5 billion.

Its shareholders include SSMS with 70.22%, PT Kalimantan Sawit Abadi (KSA) and PT Mitra Mendawai Sejati (MMS) with 4% each, CBI with 1.78%, and the public with 20%. (LK/ZH)