CSMI issues $3.59m in bonds<\/p>\n
JAKARTA (JP): PT Cahaya Sakti Multi Intraco (CSMI), a
\nfurniture distribution subsidiary of the Olympic Group, signed an
\nagreement yesterday with PT Nusantara Investment Fund on the
\nsales of convertible bonds worth Rp 8 billion (US$3.59 million).<\/p>\n
CSMI's president, A.U. Bintoro, said that the convertible
\nbonds, with a maturity period of five years, do not bear
\ninterest.<\/p>\n
\"The proceeds of the bonds will be used to finance the
\ncompany's expansion, including the opening of its branches in
\nsome big cities in the country and to strengthen its working
\ncapital,\" he said.<\/p>\n
Meanwhile, George Tahija, the president of Nusantara
\nInvestment Fund, a member of publicly-listed Bank Niaga, said
\nthat under the subscription agreement, the company involved four
\ninvestors: PT Austindo Nusantara Jaya, Commonwealth Development
\nCorporation of Britain, East Asia Hammon Asset Management Limited
\nof Hong Kong and Hellman & Friedman Capital Partner II, L.P. of
\nthe United States.<\/p>\n
The Nusantara Investment Fund, he said, will aim more for
\ndirect (equity) investment and capital gains rather than interest
\nincomes.<\/p>\n
Bintoro said that the issuance of the convertible bonds is an
\ninitial step toward the company's plan to sell part of its shares
\non the Jakarta Stock Exchange in 1997.<\/p>\n
CSMI, which currently owns 22 branches in a number of the
\ncountry's bigger cities, projected an increase in its turnover
\nfrom Rp 80 billion last year to Rp 100 billion this year and Rp
\n130 billion next year.<\/p>\n
Bintoro added that the convertible bonds subscription
\nagreement was the second agreement for the Olympic Group.<\/p>\n
He said that PT Cahaya Sakti Furintraco, a furniture
\nmanufacturing subsidiary of Olympic Group, signed an agreement on
\nMay 24 with PT BNI Nomura Jafco Investment on the sales of
\nconvertible bonds worth Rp 10 billion. (04)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/csmi-issues-359m-in-bonds-1447893297",
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"sponsor": "Okusi Associates",
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