Humpuss to issue $400 M worth of bonds

Jakarta (ANTARA News) - Publicly-listed transportation firm PT Humpus Intermoda Transportasi Tbk is planning to issue US$400 million woth of bonds this year to meet capital expenditure needs until 2010.

The bonds would consist of US$350 million senior bonds due in eight years and US$50 million junior bonds due in five years, the company`s president director, Agus Darjanto, said on Wednesday.

He said the company`s capital expenditure needs were projected at US$100-115 million in each of the next three years.

"This year we will buy five ships worth US$159 million," he said.

Some of the funds needed to buy the ships would originate from the capital expenditure and the rest from the sale of two ships estimated worth US$36 million, he said.

In its general shareholders` meeting on Wednesday, the company decided to allocate Rp41.9 billion of its 2006 net profit to pay dividends, and to use the remaining Rp108.76 billion as retained earnings.