Maspion to launch IPO

Maspion to launch IPO

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