Adira to sell up to Rp1t in bonds

Adira to sell up to Rp1t in bonds

JAKARTA: PT Adira Dinamika Multi Finance, an automotive financing
company, plans to sell as much as Rp 1 trillion (US$107.5
million) in bonds next year, corporate secretary Yulianthi
Sugiharto said.

The company, which is controlled by PT Bank Danamon, will use
the proceeds to increase lending next year to Rp 10 trillion
from an estimated Rp 6 trillion in 2004, Sugiharto said late
yesterday in Jakarta. "We are planning to boost our financing,
including for second-hand cars."

Faster economic growth and record-low interest rates are
helping Adira and PT Astra International, the nation's largest
auto-distributor, sell more cars in a country of 235 million
people. Auto sales locally rose 62 percent in November from a
year earlier and most car purchases in Indonesia are funded by
loans.

Adira isn't rated by Standard & Poor's or Moody's Investors
Service. The bonds will be sold in the second half of 2005,
Sugiharto said.-- Bloomberg