Panin Sekuritas to offer bonds

JAKARTA: Publicly listed PT Panin Sekuritas will issue 5-year bonds worth Rp 100 billion (US$12 million) on a fixed interest rate.

In the offering prospectus released on Wednesday, the company was quoted by detik.com as saying the funds generated from the offering would be used to strengthen its working capital for marginal trading.

The company explained that it would be ready to buy back the bonds, if necessary, anytime before their maturity, which would fall in July 2008.

The underwriter and the trustee of the bonds, which will be listed on the Surabaya Stock Exchange on July 14, are PT Evergreen Capital and PT Bank Mega, respectively.

In 2002, Panin booked Rp 40.92 billion in liabilities and Rp 12.53 billion in net profit, which indicated an increase from Rp 9.58 billion in the previous year. --JP