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Tuesday, June 15, 2010

HSBC increased credit to Tigaraksa




Tuesday, 15/06/2010 00:00 WIB

HSBC increased credit to Tigaraksa

Irvin Avriano A.

JAKARTA: HSBC increases credit facility to PT Tigaraksa Satria Tbk, consumer goods distributor and producer, from IDR100 billion into IDR125 billion in April.

Based on the finance statement of the company March 2010, emitter loan facility from HSBC stood at IDR100 billion and some IDR57.4 billion have been used maturing in April 2010.

"Loan is extended another next year and added by 25 percent as from the early facility of IDR100 billion," said Director and corporate secretary of Tigaraksa Satria Troy Parwata to press yesterday.

But he said the company has not planned to use the debt facilities here currently.

The finance statement also shows that the company still has due date debt in June to PT ANZ Panin Bank worth IDR30.84 billion as from the total facilities of IDR100 billion. As to Troy, the debt is still in discussion and has not been decided yet by ANZ Pa-nin.

In addition to HSBC and ANZ Panin, the company also still has mature debt in September this year from PT Bank CIMB Niaga Tbk worth IDR80 billion. The total loan facilities from Bank CIMB Niaga to Tigaraksa stood at IDR132 billion.

Troy said the company has not decided to expand or to pay the debt provided by CIMB Niaga as the discussion is still underway. The company has just signed a cooperation with CIMB Niaga in the cash management solutions program.

The company plans to minimize the number of accounts in some banks in which the company saves the deposits. There are 100 bank accounts so that it is hard for the company to monitor the finance.

The company plans to cut off the bank account into 75 to make it efficient by end of the year and next year is targeted to reach 30 banks for efficient account monitoring.

Vice president director of CIMB Niaga Catherinawati Hadiman said the service of cash management can provide accessibility to the company because every transaction is centralized in one account so as to help ease the identification.

"We want to provide accessibility for the company so as to focus on the core business," he said.

With the cooperation cash management it can increase the cheap funds, particularly clearing accounts and fee based income from the corporate client such as Tigaraksa.

"That could increase our clearing account composition and fee based income. Some 25 percent is the contribution from the cash management," he said.

Emitter also aims at the plant leasing contract in Sleman, Yogyakarta, with two brands of milk.

Besides, the company also targets the new distribution contract with at least two brands of consumption goods.

The stock price of Tigaraksa ,TGKA, was stagnant at IDR400 on the bourse closing bourse so that the market capitalization stood at IDR367.39 billion. CIMB Niaga, BNGA, stock price was also stagnant at IDR1,020 with IDR24.41 trillion market capitalization. (Bisnis/iaa/05)

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