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Sunday, April 17, 2011

Intraco issue IDR500 bio bond

Irvin Avriano A.

Intraco issue IDR500 bio bond

JAKARTA: PT Intraco Penta Tbk, a reseller of heavy equipments listed company, intend to issue a bond worth IDR500 billion in July--August.

"We have appoint two securities to assist us as our bond's lead underwriters," said Intraco Director Fred Lopez Mandibog in the public expose last Friday.

The fund raised in their very first bond issuance will be used to funding PT Intan Baruprana Finance (IBF), a multifinance company Intraco subsidiary, and to expand its other subsidiary PT Karya Lestari Sumber Alam (Kasuari).

Based on debt capital market rumors, one of their bond's underwriters is PT Mandiri Sekuritas, a securities subsidiary from PT Bank Mandiri Tbk, one of Intraco's biggest lender. When confirmed by short text service, Fred did't answer the inquiry.

Intraco is distributor for Volvo, Bobcat, SDLG, Mahindra, Sinotruk, and Ingersoll Rand brand heavy equipments. While IBF is their facility that been provided to clients that need financing or leasing services.

The rumors also said that they will held a rights issue in the next six months, after their 1:5 ratio stock split execute in the next month.

Intraco's shares have been rocketed since June 4th 2010. At the moment, their INTA coded shares stands at IDR810 level, but now have been pegged at IDR3,650 level and formed their market capitalization at IDR1.57 trillion.

Two of capital market participants told me that the shares is not liquid enough in the market because their limited outstanding shares numbers, that makes perception that the skyrocketingstock prices were is only due to speculation.

Yet the hiked stock price, very incidentally, support their stock split-rights issue plan in the near term. Who knows?



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