Jul 15, 2011

Intraco Penta to sell Rp200 bio notes

Heavy equipments distributor PT Intraco Penta Tbk (INTA) aims to raise Rp200 billion-Rp220 billion from the proposed issuance of medium term notes (MTN) by end of this month or early August.
Intraco Finance Director Fred L. Manibog, as quoted by Bisnis Indonesia today, said the proceed will be used by its subsidiary dubbed PT Intan Baruprana Finance to boost business expansion.
"We are intending to sell 2-3 year notes. We have picked two local arrangers," he said.
Intraco Penta is a company controlled by two siblings Petrus Halim and Halex Halim. The company is principal distributor of heavy equipments such as Volvo, Ingersoll-Rand, Bobcat, and Mahindra. According to the source, Intraco has talked with Henan Putihrai to proceed the notes.
In the first half, the company sold 1,055 units of equipments, with Volvo as dominant brand, or 88% of the target this year of 1,200 units.

Disclosure: No position at the stock mentioned above.

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