Clipan to issue bonds

JAKARTA (JP): Publicly listed finance company PT Clipan Finance will issue bonds worth between Rp 100 billion and Rp 150 billion (about US$20.5 million) to strengthen its consumer financing activities.

The company said in a statement that the bonds would be offered to the public in the middle of this year after all rating requirements were completed.

The issuance of the bonds is part of the company's business plan to achieve sales and profit projections for the year, the statement said.

Clipan, a subsidiary of Bank Panin, expects to book profits of about Rp 20 billion this year, far higher than the approximate Rp 2.7 billion last year.

The company also said it planned to open branches in Medan, Bandung, Semarang and Surabaya to support the expansion program.(hen)