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State-owned Bank Ekspor Indonesia (BEI) is gauging investor
interest for next month's planned Rp 500 billion (some US$54 million)
bond offer, which will be the bank's third since 2003.
The book-building process, in which interested investors indicate how
many shares they will be willing to buy and at what price, will take
place from Aug. 29 to Sept. 8.
"The size of the coupon and the offerings for each series will be
decided later after the book-building process is over," BEI president
director Arifin Indra said during a company gathering Tuesday.
BEI will offer the bonds in three series -- A, B and C -- with maturity
periods of three, four and five years, respectively. PT Trimegah
Securities and PT Danareksa Sekuritas will underwrite the offer.
Arifin said BEI had informed the Capital Market Supervisory Body
(Bapepam) of its third bond offering, and would sell the bonds from
Sept. 25-27, provided Bapepam approved the offering by Sept. 20.
Arifin said the proceeds from the sales, as with the previous two bond
issues, would be used in part to fund the bank's activities, including
foreign trade transactions and export-oriented investments.
The company has sold Rp 800 billion worth of bonds since 2003 when it
held its first offering, valued at Rp 300 billion.
"The company, gradually, will focus on the funding of medium and
long-term loans such as investment credits, project financing,
structured trade financing and so on.
"The growth of national export credits is estimated to reach 20.5
percent per year until 2009," he said.
According to a report from the Central Statistics Agency, since the
beginning of this year Indonesia's exports have been on a consistent
upward trend, despite some slight ups and downs in the oil and gas
sector. Exports reached their highest level ever in June at US$46.92
billion.
The BEI was established by the government in 1999, with initial capital
of Rp 3 trillion, to help support the development of the export sector
by providing funding for local companies in need of export credits.
According to data from the BEI, the bank's net profit in the first half
of 2006 reached Rp 121.9 billion. In 2005, its net profit was 200.5
billion, a nearly 10 percent increase from the previous year.
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