Gasindo's $50m bonds

Gasindo's $50m bonds

JAKARTA (JP): PT Intimutiara Gasindo announced yesterday that
it had issued five-year mandatory convertible bonds worth US$50
million.

The company said proceeds of the five-year bonds would be used
to finance expansion projects, developing the company into an
integrated specialty chemical manufacturer.

Imamat Dalimunthe, corporate finance director of PT Vickers
Ballas Tamara, the lead underwriter for the bonds' issuance, said
all the bonds were sold, indicating the public's high confidence
in the company.

Dalimunthe said that investors of the bonds included BNI
Nomura Jafco Investments, NIF Management, Danareksa-Daiwa/NIF
Ventures, Sanwa Bank and the Vickers Ballas Group.

PT Intimutiara Gasindo, a subsidiary of listed chemical
manufacturer PT Eterindo Wahanatama, makes butyl acetate and
maleic anhydride in Indonesia. (aly)