Intraco Penta to Issue Bond, Split Stock

Finance Photo

Saturday, 16 April 2011 09:37

Theindonesiatoday.com - Heavy equipment distributor PT Intraco Penta Tbk (INTA) plans to issue bonds worth Rp500 billion in August, 2011, for funding its capital expenditure (capex) this year, Bisnis Indonesia reported this morning.

Petrus Halim, INTA's president director, said the company has shortlisted some securities firm to be appointed as underwriter for the bonds.

He said the company's shareholder had also approved on extraordinary general meeting (EGM) held on Friday (April 15) the company's plan to split stock with ratio of 1:5 (one for five).

As INTA share closed at Rp3,650 on Friday, its nominal price will change into Rp730 per share. At price of Rp3,650, INTA has market capitalization of Rp1.58 trillion.

Fred L Manibog, INTA's finance director, said the company has also secured loan of US$10 million (Rp86.18 billion) from PT Bank Mandiri Tbk (BMRI) and PT Bank Syariah Mandiri (BSM).

He said the loan will be used for funding projects of INTA's units, PT Karya Lestari Sumber Alam (Kasuari) and PT Harsco Mineral (Harsco). Other INTA's subsidiaries are PT Terra Factor Indonesia and PT Intan Baruprana.

Petrus Halim earlier said the company also plans to raise Rp1 trillion via rights issue scheduled for the second or third quarter of this year. He said the rights issue proceeds will be used for funding the planned acquisition of 2-3 mining companies.

Petrus also said the company has partnered with China National Heavy Truck Company, holder of Sinotruk brand with 20% market share in China, for supporting to supply heavy equipments to Indonesian market, mainly for transportation from mining area to port. (hans@theindonesiatoday.com)

» Medco to Issue $150 Million Bonds

Theindonesiatoday.com - Oil and gas firm PT Medco Energi International Tbk (MEDC) announces on prospectus today it plans to issue bonds worth US$150 million within 2 years, mostly for repaying the matured debts.

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