INDONESIA: Indonesian financing company Permodalan Nasional Madani (PNM) has terminated the public offering of its shelf-registered Sukuk Mudarabah I PNM as the company only managed to raise IDR5.2 trillion (US$322.52 million) instead of the targeted fund of IDR6 trillion (US$370.58 million).
The failure to reach the target fund was attributed to the less favorable condition of the Indonesian capital market and adjustments in the company’s funding needs.
