Tue, 10 Jun 2003

Bank Jatim to issue bonds

JAKARTA: Bank Jawa Timur, or Bank Jatim, plans to issue Rp 400 billion (US$49 million) in bonds for credit expansion with fixed- rates of between 13.25 percent and 13.75 percent.

On Monday the bank said the expression-of-interest process would be done between June 6 and June 13, while the listing on the Surabaya Stock Exchange was slated for July 7.

The bonds received a triple B rating from local rating agency PT Pefindo. PT Trimegah Securities is appointed as the underwriter.

The East Java provincial administration owns 82.5 percent of shares in the bank, while the balance is owned by other regental administrations in East Java.

As of December 2002, the bank's total assets were announced at Rp 6.3 trillion while the distributed total of its loans was at Rp 2.3 trillion. -- JP