Feb 16, 2011

Verena mandates 3 bond underwriters

PT Verena Multifinance Tbk has appointed three underwriters in order to manage Rp500 billion bonds issuance.
A Bisnis source revealed those three securities companies, including PT Indo Premier Securities, PT Mandiri Sekuritas and PT Standard Chartered Securities.
“If the market condition is upbeat, then we are planning to issue it on the first half of 2011,” he said to Bisnis yesterday. Managing Director of PT Mandiri Sekuritas, Kartika Wirjoatmodjo in fact confirmed such news. “As I know, Mandiri Sekuritas does assist Verena,” said Kartika.
The company expects its new financing to reach Rp2 trillion or surged by 53.84% compared to last year’s, Rp1.3 trillion.
Verena’s financing is backed by several banks, particularly its holding company, Bank Panin. Verena happens to be a multi finance company focusing mainly on the used cars (98%).
The company’s remaining focus turns out to be the service to accommodate its old consumers over the new car credit.
Verena’s booking reached Rp1.3 trillion last year or is in line with the revised booking target at Rp1.3 trillion. In the middle of the year, company revised its booking target from Rp1 trillion to Rp1.3 trillion.
Disclosure: No position at the stock mentioned above.
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