Astra Sedaya plans Rp 500b bond

Astra Sedaya plans Rp 500b bond

JAKARTA: Automotive finance company PT Astra Sedaya Finance is looking to raise around Rp 500 billion (US$59.5 million) from a local bond issue this year, a banker familiar with the plan said on Friday.

"The company is discussing a bond issuance plan," the banker, who declined to be named, told Dow Jones Newswires.

He said there were no other details yet on the considered bond.

General Electric Capital Asia Investments Inc., a unit of the U.S.' General Electric Capital Corp., owns 47 percent of Astra Sedaya. Automotive company PT Astra International has 44.28 percent stake, and Sedaya Multi Investama owns the remaining 8.72 percent.

With a network of 27 outlets, Astra Sedaya operates through 1,200 auto dealers in 24 cities across the country.

A slew of local companies are expected to raise funds from the Indonesia's bond market this year amid declining interest rates. -- Dow Jones