ASF announces bond issue plan

ASF announces bond issue plan

JAKARTA: Automotive financing firm PT Astra Sedaya Finance
(ASF) plans to issue bonds worth Rp 600 billion (some US$78
million) in a bid to strengthen its working capital.

ASF president Gunawan Genisuhardja said that the five-series
bonds -- carrying maturity profiles from 12 months to 48 months
-- would be listed on the Surabaya Stock Exchange (BES) on March
25.

"We have targeted this year to extend Rp 5.8 trillion in
credit financing for cars and motorcycles. Of that, we will need
Rp 4.5 trillion in funds, which we intend to obtain from bond
issue, loans and others," Gunawan said on Wednesday.

Unaudited financial reports said that in 2003, the company
extended Rp 5.1 trillion-worth of credit financing facilities.

ASF is the latest in the industry to turn to the bond market
to strengthen capital. Earlier, Federal International Finance and
Oto Multiartha also submitted plans to BES to issue bonds this
year, amounting to Rp 500 billion and Rp 400 billion
respectively. -- JP