PT Nippon Indosari Corpindo Tbk, maker of Sari Roti bread, plans to raise a maximum of Rp500 billion from the issuance of rupiah denominated bonds.
The proceed will be used by Sari Roti, a company that is controlled by Salim Group, to underpin business expansion.
A source close to the deal said Sari Roti has picked PT Mandiri Sekuritas and PT OSK Nusadana Securities as the lead underwriters. "The size is below Rp500 billion."
Sari Roti Operational Director Yusuf Hadi, as quoted by Bisnis Indonesia today, said the company is still finalizing the issuance. Sari Roti has talked about the plan with Mandiri Sekuritas and OSK Nusadana.
However, Yusuf declined to explain the bond structure in detail. Sari Roti will use the proceed to finance the establishment of three baking production facilities in Makassar and Cibitung, West Java.
Sari Roti is a joint venture between Salim family and Japanese company Shikishima Baking Co Ltd. Nippon Indosari is owned by Bonlight Investment Ltd of 34%, Treasure East Investment Ltd of 34%, Sojitz Corporation of 4.25%, Shikishima Baking of 8.5%, and public holders of 19.25%.
Disclosure: No position at the stock mentioned above.
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