Maspion to launch IPO

Wed, 28 May 2003 | Source: AFP

JAKARTA: Electronic and household goods producer PT Maspion plans to sell 25 percent of its shares through an initial public offering (IPO) next year.

The company said on Tuesday that it had also planned to issue Rp 500 billion (US$60.2 million) worth of bonds next month, mainly to refinance Rp 318 billion in debts.

The bonds will have a fixed rate of between 13.25 percent and 13.75 percent with a maturity period of five years. The bonds had earned an A rating from local rating company PT Pefindo.

The company had appointed PT Danareksa Sekuritas as the underwriter for the bonds offering.

Maspion recorded a drop of Rp 1.8 trillion in 2002 sales from Rp 2 trillion in 2002. -- JP

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