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Capital Markets

Indonesian contractor eyes up to $400m from Komodo bonds

Wijaya Karya's issuance may fund Jakarta-Bandung railway

Indonesian President Joko Widodo, center, inspects a model of the high-speed train which will connect the capital city of Jakarta to the country's fourth largest city, Bandung, during a groundbreaking ceremony for the construction of its railway in Cikalong Wetan, West Java, Indonesia in January 2017.

JAKARTA -- Indonesian state-owned contractor Wijaya Karya on Monday said it plans to raise up to $400 million from the overseas issuance of rupiah-denominated bonds, dubbed Komodo bonds, to help fund President Joko Widodo's ambitious infrastructure drive.

In a stock exchange filing, the company said it will start a roadshow on Tuesday to test market appetite. The proceeds will be used to "fund long-term projects, procure land, buy minority stakes in a company, and refinancing debt," among other plans, it said.

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