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Wednesday, April 27, 2011

WOM Finance issue IDR1 trio bond/MTN

BI/finance
27/4/2011
Irvin Avriano A.
Bisnis Indonesia

WOM Finance issue IDR1 trio bond/MTN

JAKARTA: PT Wahana Ottomitra Multiartha Tbk (WOM Finance) intend to issue bond or/and medium term notes (MTN) worth maximum of IDR1 trillion this year.

The matter was revealed today on their invitation of their extraordinary general meeting of shareholder (EGMs/RUPLSB) the multifinance subsidiary of PT Bank International Indonesia Tbk (BII).

The WOMF shares coded company is intend to collateralize their receivable assets related to the fixed income securities issuance plan.

Beside the issuance agenda, the company which commandeered by Suwandi Wiratno also want to pledge their several or every receivable assets to obtain loan from banks and/or from non-bank financial institution.

The loan will be used by WOM Finance to operates the company and to lend financing to their customers. The company also scheduled the changing of sharia supervisory board.

For the annual general meeting of shareholders (AGMs), they also will ask permition from the investors to approve their 2010 financial statement, usage of net profit booked, and the changing of management.

The agenda also revised the previous invitation that published yesterday, which not contain any of their EGM agenda. The multi finance company will held the AGM and EGM on Sinarmas headquarter in BII Tower on May 11th. Sinarmas is the previous owner of BII, before Malaysian Banking Bhd takeover on 2008.

One of debt capital markets participants said the company announcement express confusion to the market because the company already issue their V/2011 bond early this year, on March worth IDR1.49 trio.

"The plan is confusing because they already issue IDR1.4 trio bond. It is a big money."

When confirmed, both Suwandi and WOM Finance Corporate Secretary Fenfira Tedja said the plan was still tentative and only will execute if the need of fund is urgent. The company also indicate they will not search for new bank loan this year, caused by enough cash that have been pocketed.

"Our funding and our standing loan is still enough for their financing activities." Early this year, the company receive IDR200 bio loan from Standard Chartered Bank Plc, Indonesia branch.

The company's shares stagnant at IDR520 level at the stock market today, formed IDR1.04 trio market capitalization and 7.53 times of price to earnings ratio (PER).

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