Irvin Avriano A. & Donald Banjarnahor
Pegadaian picks Bahana and Danareksa as underwriters
JAKARTA: Perum Pegadaian picks two state owned enterprise (SOE) securities house as their XIV/2011 bond lead underwriters, predicted amount around IDR2 trillion.
Two capital markets participant said the SOE pawn house already pick PT Bahana Securities and PT Danareksa Sekuritas as the bond's joint lead underwriters.
Pegadaian Director Budiyanto confirm the info. He said the bond that will be issued in 3rdQ/2011.
"We haven't announce because still in the recess time. We still await for the job appointment letter [surat penunjukan kerja/SPK]. The maximum amount is arount the number [IDR2 trio]," said him to Bisnis yesterday.
Previously on May 21st, foreign news agency IFR Asia reported that Pegadaian shortlisted three investment bank (IB) house namely Bahana Securities, Danareksa Sekuritas, and PT Indo Premier Securities. Assumed from the information, Indo Premier can not pass the selection or step down from it.
Several debt capital market participant assess that the fee for the underwriting job is too few, that provoke several IB company to retreat from the selection or even did't interesting on the bond issuance.
Pegadaian currently pocketing idAA+ rating from PT Pemeringkat Efek Indonesia (Pefindo). In his research on March 17, Pefindo analyst Dimas Aditya said the rating was given to Pegadaian and their X/2003/A bonds amounting to IDR336.5 bio which will mature on July 11th.
Readiness of companies to repay the bonds was appraised by the position of company's cash and cash equivalents amounted to IDR357.1 bio at the end of last year, as well as routine generated cash income from pawn services in every month.
In the research reveals Pegadaian loans amounting to IDR62.3 trillion over the past year with the number of customers as much as 23 million persons. The performance of the company supported by 13 regional offices and a total of 4,920 branches. All of the company's shares are owned by the government.
Budiyanto said the company would use the fund gathered from the bond's issuance as a source of lending funds to customers. Lending target, which also serves as the turnover of the company, amounted to IDR84.7 trio. For the 1stQ/2011, the company managed to lending loan worth IDR17.5 trio.
This year, he said, the company set a target profit before tax amounted to IDR1.9 trio and net profit of IDR1.42 trio. Until late March, he added, the company has posted net profit of IDR358 bio. He also added that as the latest quarter the company assets already worth IDR21.85 trio.
Together with X/2003/A tranches of bonds, the company still has 10 tranches of outstanding bonds worth a total of IDR3 trio that will be due until 2019. Pegadaian latest bond issuance is in 2009 with the publication of the XIII/2009 series which was divided into four tranches worth a total of IDR1.5 trio.
Pegadaian President Director Suwhono said the company secured a loan for additional working capital from PT Bank Rakyat Indonesia Tbk (BRI) worth IDR500 bio earlier this week. The increasing formed number of loan limit from one of SOE bank to IDR5 trio.
He said the company also is designing improved information technology system as one form of business expansion with cooperation with PT Telekomunikasi Indonesia Tbk (Telkom).
He said the working capital for the information technology system prepared IDR8.6 bio. However, said him, the company expects a lot from this development because it can synergize data spread across their thousands branch.
Currently, he said, Pawnshop already run several business segments and will focus on five principal business segments namely conventional pawning, Islamic pawning, gold pawning, financial services payment transactions for other companies, and fiduciary credit.
Especially for programs other payment transaction services, he added, the company intends to embrace several companies and institutions that require payment points, so that it can utilize by Pegadaian's thousands branches.
*part of the article already published on Bisnis Indonesia daily economy newspaper on Saturday May 28th.