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AKARTA: Publicly listed PT Wahana Otomitra Multiartha Finance, also known as WOM Finance, may miss its motorcycle purchase financing target this year due to a decline in loans for purchases of used motorcycles, the company’s corporate secretary said.

“We target purchase loans of up to 625,000 new and used motorcycles this year. However, we will likely disburse less than the target and even less than last year’s 622,000 loans,” WOM Finance corporate secretary Veranica said on the sidelines of the company’s extraordinary general meeting on Wednesday.

WOM Finance, which mainly provides motorcycle purchase loans, said the decline was because the company lowered its loans for purchases of used motorcycles as a result of the high level of non-performing loans reported last year.

In the extraordinary meeting, Veranica said the shareholders agreed to name Stephen Liestyo, who previously served as a commissioner, to replace Ridha Djuanda, who resigned recently. Stephen will lead the board of commissioners, which consists of Robbyanto Budiman, I Nyoman Tjager, Garibaldi Thohir and Myrnie Zachraini Tamin. The company also installed Guntur Tri Yudianto as operational director. “The finance director position remains vacant. We are still working to find the right people to replace former finance director Alex Harmanto,” Veranica said.