WHOLESALE BANKING | Cesar Tordesillas, Indonesia

Bank Permata targets $75.6M capital increase

Bank Permata is hoping to beef up its capital by up to US$75.6 million or Rp 700 billion from the first issuance of subordinated bonds.


Permata wholesale banking director Roy Arman Arfandy said that the bank intends to utilize the anticipated funds to crisis-resistant sectors, such as mining, agriculture, food processing, transportation and logistics, and to housing credit.

Permata recorded Rp 101.32 trillion in total assets last year, up 37 percent from Rp 73.84 trillion in 2010, and booked a 14.5 percent growth in net profits to approximately Rp 1.15 trillion in 2011, from the year before.

Its capital adequacy ratio remained at 14.1 percent as of last year.

The first issuance of the bonds is part of the company’s plan to raise Rp 2.5 trillion within two years.

The bonds, which will mature in seven years, are offered at the same price as the value, with earnings of between 8.5 percent and 9.5 percent per annum paid on a quarterly basis.

The bonds will be on offer between June 14 and 18, and will be listed on the Indonesia Stock Exchange on June 22.

PT Standard Chartered Securities Indonesia, PT Mandiri Sekuritas, PT NISP Sekuritas and PT OSK Nusadana Securites Indonesia will be the joint lead underwriters, while PT Bank CIMB Niaga will act as trustee.

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