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Friday, February 19, 2010

Pegadaian changes its bond trustee boards

Friday, 19/02/2010 00:00 WIB

Irvin Avriano A.

Pegadaian changes its bond trustee boards

JAKARTA: Perum Pegadaian, a state owned pawnshop, got approval from the investor to change the trustee board for the IX/2002, X/2003, XI/2006, XII/2007 bond series issuance worth totally IDR1.76 trillion from PT Bank Negara Indonesia Tbk (BNI) into PT Bank Mega Tbk.

Head of Custody and Trust Services of BNI Hestu Wijaya said the decision for approval was attained by Pawnshop through the bond holders general meeting (RUPO) which was attended by 70 percent of all bond holders of each series.

"All RUPO agendas were 100 percent agreed by the attending investors," he said to Bisnis yesterday.

RUPO also agreed the change of two clauses in the trusteeship agreement (PWA).

The amended article is Article 37 on the announcement on media and Article 61 on legal status of Pawnshop from state owned into corporation.

The changed trustee boards refers to the regulation of Bapepam-LK No.VI.C.3 on the credit relation and underwriting of trustee and emitter which limits the amount of loan of bank as the trustee board and bond issuance.

The regulation restricts the amount of attainable loan given by the trustee so as not to exceed 25 percent of the bond values under the trusteeship. BNI now has become the creditor for the Pawnshop.

The restriction here is made to prevent from conflict of interest of the two parties.

Trustee board is the representatives of the investor in each bond issuance and mediator of bond holders and emitter.

Data of IDX shows the current floating bonds of Pawnshop at secondary market has outstanding value of IDR3.26 trillion.

The bonds here consist of five series of bonds, namely X/2002 worth IDR269.55 billion, XI/2003 series worth IDR400 billion, XII/2006 IDR500 billion, XIII/2007 IDR600 billion, and XIV/2009 IDR1.5 trillion.

The change of trustee board enables the Pawnshop to get loan from BNI at least IDR417.38 billion. the loan commitment of BNI has made the company change the bond trustee board that has so far been handled by BNI.

Formerly, Finance Director of Pegadaian Budiyanto said the loan from BNI was aimed for the corporate working capital this year.

The company is optimistic to get BNI loan as part of the targeted credit totaling IDR3.63 trillion.

The fund will be allotted to meet the IDR7 trillion financing of expansion this year.

Budiyanto said the company was also optimistic to get IDR 1 trillion loans from Bank Mandiri, IDR1 trillion from BRI, and IDR1.22 trillion from BCA. (Bisnis/iaa)

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