PT Cikarang Listrindo Tbk (POWR) plans to issue US$600 million or equivalent to Rp8.7 trillion worth of US dollar-denominated bonds or global bonds.

The management of Cikarang Listrindo, in a statement on Tuesday (13/7), revealed that the company would hold an Extraordinary General Meeting of Shareholders (EGMS) on July 30 to seek shareholder approval.

He explained that the bonds issued were not offered to domestic investors but would be offered on a limited basis to foreign investors. Then, the bonds will list on the SGX-ST or the Singapore Stock Exchange.

"The issuance of debt securities (notes) by the company through international offers to other institutions or investors outside the territory of Indonesia is limited," the management statement said.

Furthermore, the company will use proceeds from the issuance of debt securities with a principal amount of up to US$ 600 million for refinancing or refinancing the 2026 notes, includin