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Friday, April 16, 2010

SMF capital to upsized by IDRp1 trillion: Housing credit refinancing not limited

Thursday, 15/04/2010 00:00 WIB

Irvin Avriano A.
Bisnis Indonesia

SMF capital to upsized by IDRp1 trillion: Housing credit refinancing not limited

JAKARTA: The government will increase the capital participation to PT Sarana Multigriya Finansial (SMF) by IDR1 trillion in 2010 to increase the corporate capacity.

When the capital participation rise is materialized, the SMF financing capacity is surely doubled from the current noting that the company with assistance provided by PT Danareksa Sekuritas has just issued a total of IDR1 trillion bonds.

"The capital injection plan will be done by Finance Ministry as the SMF shareholder. It aims to boost up the housing financing capacity," said Insurance and financing bureau chief of Bapepam-LK M. Ihsanudin to Bisnis this week.

The plan was started from Finance Minister with the State Treasury Directorate General previously upon considering that two other government financing institutions have capital rise and SMF does not have such an increase.

Two financing institutions having capital injection form the State Budget here include Lembaga Pembiayaan Ekspor Indonesia (LPEI) and PT Sarana Multi Infrastruktur (SMI). "So SMF will have another capital rise to expand the larger financing capacity."

Director of State treasury of the Finance Minister Arif Baharudin conceded the information. But it still needs further discussion.

Despite the proposal made by Finance Ministry and State Treasure director general, the proposal in procedures will be addressed by SMF and Bapepam-LK as Finance Ministry unit coordinating directly the institutions.

Director of SMF Sutomo admitted the capital rise scheme here. but he could barely name the value of the proposed capital upgrade here as the full decision is on the government hand.

"(The additional capital) here is to increase the corporate capacity to collect fund from the capital market to be channeled to housing real sector through community housing credit owned by the distributor," he said.

In relation with the preparedness of KPR institution with its roles as one of the determining chain for housing financing program success, Sutomo said the current fact is that some KPR institutions are of the multifinance companies.

Up to now, there are four multifinance firms proposing KPR refinancing such as PT Bhakti Finance with IDR3.6 billion proposal, PT Ciptadana Multifinance IDR800 million, PT Finansia Mul-tifinance IDR5.4 billion, and PT First Indo American Leasing worth IDR10 billion.

"WE do not limit the amount of refinancing depending on the preparedness of financing institution like that multifinance with its commitment of channeling and it will propose the proposal. The objective is to boost competition of KPR with bank so as to cut interest rate."

This year SMF targets IDR1.3 trillion or rising from IDR940 billion last year to channel loan to KPR distributor to create a competition which is so far le by bank. (Bisnis/iaa/mts)

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