Bhakti set to issue Rp 200b in bonds
Bhakti set to issue Rp 200b in bonds
JAKARTA (JP): Shareholders of securities company PT Bhakti
Investama approved on Monday a plan to issue bonds worth Rp 200
billion (about US$23.5 million) to boost working capital.
Company president Hary Iswanto Tanoesoedibjo said on Monday
that the five-year bonds, which carry both floating and fixed
yielding rates, would be offered to the public from Oct. 7 to
Oct. 11.
"All the proceeds from the bonds will be used to supplement
the working capital of Bhakti Investama," Harry said.
The bonds, which will be listed on the Surabaya Stock Exchange
on Oct. 17, carry fixed and floating interest rates, he added.
"The fixed rate of between 17 percent and 17.75 percent would
apply only for the first year, while during the second year up to
the fifth year the coupon rates would be based on the average of
the six-month deposit rates of four selected big banks plus a
premium of between 2.25 percent and 2.75 percent."
He identified the banks as Bank Mandiri, Bank Negara
Indonesia, Bank Central Asia and Bank Danamon.
The bonds have been rated triple-B by international rating
agency Duff & Phelps.
The lead underwriter for the bond issuance is PT Agung
Securities Indonesia, with Bank Rakyat Indonesia designated the
custodian bank.
Bhakti Investama is listed on the Jakarta and Surabaya
bourses.
The company has two existing business affiliates; share
administration agency PT Andatafek and Hong Kong-based mutual
fund company The Indonesian Recovery Company Ltd.
Bhakti Investama, with total assets of Rp 318.2 billion as of
June, held total equity of Rp 155.4 billion in the same period.
Its total assets in 1998 stood at Rp 176.2 billion.
The company's net income as of June was Rp 14.7 billion, a
turnaround from its negative net income of Rp 97.9 billion for
1998. That compared to net income of Rp 19.6 billion in 1997.
The company's shareholders are PT Bhakti Panjiwira (47.09
percent), Bank Indonesia's pension fund institution (9.10
percent), Morgan Stanley & Co. (6.77 percent), Goldman Sachs &
Co. (4.38 percent) and the investing public (32.66 percent). (udi)