MNC Securities appoint Panin Sekuritas as their bond's underwriter

24/5/2011

Irvin Avriano A.

MNC Securities appoint Panin Sekuritas as their bond's underwriter

JAKARTA: PT MNC Securities, MNC Group securities company, appoint PT Panin Sekuritas Tbk as their II/2011 IDR300 billion bond's lead underwriter, that will be offered today.

MNC Securities Director & Corporate Secretary Susy Meilina confirm the capital market rumors. She also said the issuance documentation has been given to Bapepam-LK and they now still wait for pre-effective statement from the capital market authority to continue the offering phase.

"According to the plan, the tenures set at 3 years and 5 years. The usage of the fund is for our operational and other needs like other stock-exchange members. We can not explain the other details, lets wait until the public expose," said him to Bisnis last weekend.

She also said the fresh fund will be not use to refinance the securities I/2008 bond that will mature in this month-end worth IDR150 bio. One of their option to paid off the matured bond is from their net profit that booked IDR121.18 bio last year.

The company that used to named PT Bhakti Securities' last year net profit recorded 137.6% hike from the previous net profit on 2009 worth IDR50.98 bio.

Susy said the company also optimistic about the bond offering, regarding to idBBB rating level that pocketed by the brokerage-investment banking house. She also assure that Panin Sekuritas as the lead underwriter will optimize to embrace broader potential investors.

Right now, MNC Securities corporate rating and bond's rating still pegged at idBBB level by PT Pemeringkat Efek Indonesia. On its March 24th research, Pefindo analyst Hotma Parulian Manalu assess that the PT Bhakti Capital Indonesia Tbk subsidiary could sell part of its securities portfolio that booked IDR341.6 bio last year to paid off the matured bond.

Hotma also expect the company that commandeered by Wito Mailoa can use their cash and cash equivalent worth IDR68.3 bio last year for the needs.

At the end of last year, MNC Securities's shares owned by Bhakti Capital as much as 99.99%, while the rest 0.01% by PT Bhakti Investama Tbk's employee cooperation.

Panin Sekuritas Corporate Secretary Prama Nugraha said the company already have recently obtained mandate to be lead underwriter since the last time on mid-2009 from PT Batavia Prosperindo Finance Tbk's IPO.

"If as lead underwriter we just obtain mandate now since 2009, but we often act as the joint underwriters together with other securities company. We contribute in almost every new securities issuance."

On another occasion, PT Transasia Securities also ready to enter the underwriting segments, having the first time participated in PT BCA Finance's bond offering. Transasia Securities President Director Bibiana Halim said the last time company mandated as lead underwriter when they still named PT Trasnpacific Securindo.

"We opened up opportunities for underwriting new stocks and bonds, but there is no specific target," she said.

Transasia name changed since last year when it was taken over by PT Bank Central Asia Tbk (BCA) former president director, Djohan Emir Setijoso. Setijoso now act as BCA president commissioner.