"Most of the proceeds from the issuance of the bonds would be used to finance the company`s business expansion, including the acquisition of three to four mixed-use and high-risk development projects in Jakarta," Greenwood President Director Harry Gunawan Ho said here on Wednesday.
He stated the plan to issue the bonds was approved by shareholders during an extraordinary shareholders` meeting on Wednesday.
"The shareholders have agreed on the plan to issue the bonds. The bonds will have a maturity of no more than five years," Harry said.
The company was in the process of selecting a number of bond issue underwriters and there were two to three underwriters taking part in the selection process to issue the bonds, he added.
Greenwood recorded sales worth about Rp1 trillion in the year to May 2012. The sales came from a number of projects, particularly from Tower 1 of Batavia Centre.
"The sales have reached 70 percent [of our annual target] or Rp1 trillion in May," Harry said.
Greenwood has also planned to distribute dividends among its shareholders in 2013. The plan was outlined in the company`s prospectus when it conducted an initial public offering of its shares last year, he added.