Sep 6, 2010

Pan Brothers plans to split stocks

Publicly listed textile manufacturer PT Pan Brothers Tbk (PBRX) plans to split its nominal stocks and change its capital paid in.
In a public statement filed to Indonesia Stock Exchange (IDX) today, Pan Brothers Director Fitri Ratnasari Hartono said the company aims to ask shareholders approval in extraordinary general shareholder meeting scheduled on October 15 2010.
But, she hasn't mentioned the company's stock split ratio. Pan Brothers has secured Rp50 billion financing facility from PT Minna Padi Aset Manajemen.
The company has obtained the loan on August 19 2010. "The loan will be used by Pan Brothers to strengthen working capital and bankroll machines purchase," the announcement said.
The 5 year loan is guaranteed with convertible bond. But, Pan Brothers management doesn't disclose the size of the convertible bond.
The loan facility is 20% above Pan Brothers's equity, but below 50% of the company's equity. The company also obtained US$25 million loan facilities from three foreign banks, HSBC Plc, Citibank NA, and Standard Chartered NA, last year.
The facilities were used to finance capital expenditure (capex). Pan Brothers estimates US$50 million capex from 2007 to 2012.
The company posted Rp288.19 billion revenue and Rp9.98 billion net income in the first quarter of this year from Rp485.70 billion revenue and Rp49.77 billion net loss a year earlier.
 
Disclosure: No position at the stock mentioned above.  

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