Titan & MNC plan to issue bonds

Saturday, 16/01/2010 00:00 WIB

Titan & MNC plan to issue bonds

By Irvin Avriano A.

as published in Bisnis Indonesia daily newspaper

JAKARTA: PT Titan Petrokimia Nusantara, as subsidiary of PT Titan Kimia Nusantara Tbk, assigned PT Indo Premier Securities and PT Standard Chartered Securities Indonesia as the underwriter of bond and sharia bond issuance totaling IDR500 billion.

Corporate assessment director of IDX Eddy Sugito said the company has given public expose with the bourse directors yesterday.

“They addressed the conventional bonds scheme and bond early listing proposal worth IDr300 billion and the sharia bonds IDR200 billion,” he said yesterday.

The company plans to issue bonds in April and to process the documentation to Bapepam.

Real Sector Corporate Finance Assessment Bureau Chief of of Bapepam-LK Anis Baridwan who coordinates the stock and real sector bond, said the company has so far not submitted yet the document to the capital market authority.

“There is no document submitted to us so far. But I will try again later.”

Corporate secretary of Titan Kimia Nusantara Merciana Anggani was not available for comment.

Separately, PT Media Nusantara Citra Tbk (MNC) plans to issue medium term notes (MTN) worth IDR500 billion at maximum this year.

This is unveiled in the rating given by PT Pemeringkat Efek Indonesia (Pefindo) for the company and MTN at the credit level of idA with stable prospect.

Analyst of Pefindo Niken Indriarsih and Vonny Widjaja in the press release said the rating company also revoked the prospect of under monitoring rating with negative implication.

“The negative potential prospect was revoked following the verdict of the Supreme Court granted for the corporate appeal to the state of bankruptcy of the MNC subsidiary firm, PT Cipta Televisi Pendidikan Indonesia (Cipta TPI)," said Niken yesterday.

The bankruptcy verdict was formerly made by the Central Jakarta Court of Commerce last October. The Supreme Court verdict was given last year. Citra TPI has given 14 percent contribution in the consolidated report of Media Nusantara.

Corporate Secretary of Media Nusantara Budi Rustanto when asked last night said he could not give some comments yet.