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Wednesday, August 24, 2011

Clipan Finance issue IDR1.08 trio rights and warrants

Irvin Avriano A.
Bisnis Indonesia

Clipan Finance issue IDR1.08 trio rights and warrants

JAKARTA: PT Clipan Finance Indonesia Tbk, one of the Panin Group multi finance company owned by Mu'min Ali Gunawan, intends to held V/2011 rights issue and issuance of V/2011 warrants with total worth IDR1.08 trillion.

In the company announcement yesterday in the newspaper that shows the company's fund that will gathered on the rights issue and the warrants issuance action will be used for financing working capital.

Rights issue means the issue of new shares with pre-emptive rights, with a total of 1.17 billion new shares coded CFIN with IDR250 nominal and IDR500 price and with a target fund IDR585.74 billion.

Each holder of 20 shares of the company are entitled to nine pre-emptive rights, so that each holder of rights have right to execute a new stock company with rights to execute IDR500.

The second plan is the issuance of 911.15 million warrants with an exercise price IDR550 in the period April 9th, 2012 until October 6th, 2014. In each of the nine pre-emptive rights offering was attached to seven warrants, free of charge for investors who execute his rights in the corporation's actions.

Act as a standby buyer in the corporate actions is PT Evergreen Capital, securities company led by Rudy Utomo as one of the directors. The company also warned investors whose would not execute his rights will diluted the shares ownership composition by 31.03% after the rights execution and diluted 44.44% if the execution of warrants is completed.

However, there is no information that indicated the rights issue plan related to the company's bonds issuance plan worth IDR500 billion in mid-October this year. Issuance of the debt securities was also done in order to increase the company's working capital.

The company, which is engaged in the business for consumer auto financing and leasing heavy equipment, was also mandated Evergreen Capital as an underwriter of the bonds, together with PT Indo Premier Securities.

Evergreen Capital Management had said the planned bond issuance has been submitted to the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) on August 5th. Clipan Finance and the underwriters also study for the bond's tenure that ranged for 3 tranches, namely 370 days, 24 months, and 36 months.

PT Pemeringkat Efek Indonesia (Pefindo) also said have been assigned A+ rating with stable outlook for the bond issuance plan. Initial bookbuilding is expected to be executed in the third week of September and depending on the initial approval of Bapepam-LK.



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