Clipan to issue bonds

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)