JAKARTA - PT Sejahteraraya Anugrahjaya Tbk (SRAJ), the manager of the Mayapada Hospital network owned by tycoon Dato Sri Tahir, is aggressively expanding its business by presenting premium class hospitals in various parts of Indonesia. The hospitals will be built in a number of locations, including Jakarta, Batam, and Surabaya.

Based on information disclosure quoted on Friday (7/2), SRAJ is preparing to issue debt securities worth USD 125 million or around IDR 1.89 trillion to support the expansion plan. The plan will be decided at the company's General Meeting of Shareholders (GMS) next week (10/2).

‘The company plans to allocate the funds obtained from the issuance of the bonds to support the company's working capital and to help develop the company's business through the construction of several projects,’ wrote SRAJ's management.

In this corporate action, SRAJ is collaborating with strategic investor BCCS Maverick, an entity controlled by US-based Bain Capital Credit.

SRAJ's International Hospital Network is preparing a number of major projects that will soon be developed, including Mayapada Hospital South Jakarta with an allocation of IDR 725 billion, Mayapada Apollo Batam International Hospital (MABIH) IDR 725 billion, Mayapada Hospital Surabaya 2 worth IDR250 billion, and Mayapada Hospital Surabaya IDR 125 billion.

As part of its funding strategy, SRAJ also plans to conduct a private placement or Capital Increase without Pre-emptive Rights (PMTHMETD) by issuing 1.20 billion shares with a nominal value of IDR 100 per share. (EF/LM)