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Thursday, February 24, 2011

Indomobil added bond issuance plan

BI/bursa
23/2/2011
Irvin Avriano A. & M. Tahir Saleh

Indomobil added bond issuance plan

JAKARTA: PT Indomobil Finance Indonesia, an Indomobil Group multifinance company, decided to top up their IV/2011 bond issuance plan worth IDR500 billion, compared with IDR300 bio that previously considered.

Gunawan, Indomobil Finance Director, said previously the company have not decided yet the issuance amount, and still on the range of IDR300 bio--500 bio, but then already decided into IDR500 bio, related to funding needs.

“The amount increase to IDR500 bio. We will issue itu in this mid-year,” said him yesterday.
This week, he added, the company is in a final process to elect the issuance lead underwriter, related to the high demand of similar type of securities.

“Maybe we will picks 3-4 underwriters, next week we will informed again."

Nonetheless, several bond market players said the company already picks at least two securities company as their future bond underwriter, namely PT CIMB Securities Indonesia and PT Indo Premier Securities.

“They already picks two companies, we think it will be issued in April. Probably the amount can increase to IDR700 bio.”

Indo Premier Securities Director Shiantaraga said the company haven't directly appointed officially by the emitter.

The company previously issue III/2009 bond IDR500 bio. This week Indomobil Finance rating upgraded by PT Pemeringkat Efek Indonesia (Pefindo) from idA- level to idA.

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