Indosat, a major telecommunication and information service provider in Indonesia that provides nationwide cellular prepaid and postpaid services, is in the process of issuing its first shelf-registered Sukuk amounting to the maximum of IDR300 billion (US$24.63 million). This Sukuk is part of IDR2.5 trillion (US$205.25 million) fund-raising exercise done by the company in the fi rst phase of the mentioned shelf registration. The issuance of this debt instrument is part of the company’s fi nancing plan to sett le some or the whole debt of its one or many IDR or USD denominated loans and to fund business expansion further.
By Farouk Abdullah Alwyni
Islamic Finance News