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Astra subsidiary to issue first bond in 2018
Integrated transportation company PT Serasi Autoraya, a subsidiary of the Astra Group, is ready to issue one of its three bond series worth Rp 500 billion (US$35 million dollars), the company announced on Wednesday in Jakarta.
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PT Serasi Autoraya president director Firman Yosafat Siregar (second right) and several of the company's board directors attend a press conference in Jakarta on March 27 to announce its plans to issue bonds. (JP/dpk)
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ntegrated transportation company PT Serasi Autoraya, a subsidiary of the Astra Group, is ready to issue one of its three bond series worth Rp 500 billion (US$35 million dollars), the company announced on Wednesday in Jakarta.
Serasi Autoraya, also known as TRAC-Astra Rent Car, aimed to raise Rp 2 trillion from the bond issuance, the majority of which would be used as its 2018 capital expenditure (capex), said Firman Yosafat Siregar, the company's president director.
The company planned to allocate Rp 1.8 trillion to the 2018 capex, Rp 1.3 trillion of which would be used to purchase new vehicles, and the remaining funds to finance its fixed assets.
”We are confident that this bond issuance will be successful, seeing that our company has a good track record and solid financial position,” Firman said at an investors' gathering on Wednesday.
Serasi Autoraya expected to obtain the Effective Statement from the Financial Services Authority (OJK) on Apr. 19, and issue the public bonds on Apr. 23-24.
In 2017, the company recorded Rp 5.5 trillion in net income, a slight decrease from its Rp 6.4 trillion net income in 2016. In contrast, the company’s 2017 net profit grew more than 100 percent to Rp 201 billion from Rp 100 billion in 2016. (dpk/bbn)
