PT Argo Pantes aims to raise working capital<\/p>\n
JAKARTA (JP): Publicly listed integrated textile company PT
\nArgo Pantes will use US$30 million in floating rate notes issued
\nby its subsidiary, Argo Pantes Finance BV, in Hong Kong Thursday,
\nto strengthen its working capital, a company director said here
\nyesterday.<\/p>\n
Argo Pantes Finance Director Wira Tjendana said the company
\nwould continue to improve its efficiency, among other things, by
\namortizing high-interest debts and replacing them with cheaper
\nloan funds.<\/p>\n
The three-year notes, issued under the borrower's $250 million
\nmedium-term note program, are to float at 150 basis points over
\nthe six-month London Interbank Offered Rate.<\/p>\n
Sanwa International Finance acted as the arranger and lead
\nmanager of the issue with American Express Bank, Bank Negara
\nIndonesia and Daiwa Securities as co-lead managers.<\/p>\n
\"We are highly confident that this efficiency drive will
\nenable us to achieve our sales target of Rp 500 billion ($204.5
\nmillion) this year and net earnings of Rp 30 billion,\" Wira said.<\/p>\n
He said Argo Pantes, a Manunggal group unit, had booked Rp
\n228.5 billion in sales turnover in the first half this year, up
\n10 percent from the same period last year.<\/p>\n
Wira said that sales were usually much higher in the second
\nhalf.<\/p>\n
\"Given greater efficiency and the 30 percent expansion in our
\ncapacity, as a result of the machinery restructuring which was
\nstarted last year, the sales and profit targets are quite
\nfeasible,\" he added.<\/p>\n
Argo Pantes exports 70 percent of its products to 40
\ncountries.(vin)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pt-argo-pantes-aims-to-raise-working-capital-1447893297",
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