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)