PT Bakrie & Brothers Tbk, the Indonesian investment company plans to repay IDR3.5 trillion of debt this year, reducing the amount it owes to IDR3.45 trillion from IDR 6.95 trillion. Bakrie & Brothers settled IDR2.25 trillion (US$251 million) of debt last month to creditors including Brentwood Ventures Pte Ltd.
Bakrie & Brothers, controlled by Aburizal Bakrie, invests in several large sectors in Indonesia, including coal mining, agribusiness, telecommunications and properties. Among the Bakrie & Brothers units that are listed on the Indonesia Stock Exchange (IDX) are Bumi Resources, Bakrie Sumatera Plantation, Bakrieland Development and Bakrie Telecom.
The company also plans to sell as much as $200 million in bonds for this year to refinance its maturing debt.
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