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Securities firm BNI Securities, a subsidiary of state-owned
Bank Negara Indonesia (BNI), will issue its first bond worth Rp 300
billion (US$33 million) next month.
President director Hindarmojo Hinuri said Monday the company would use
Rp 200 billion of the proceeds to improve its margin trading, which was
expected to be the biggest income contributor, and it would use the
rest for repo operations -- the sale and repurchase of funds borrowed
through the sale of short-term securities.
The bonds, which will be officially listed on the Surabaya Stock
Exchange on May 9, have a maturity of five years, and offer a fixed
annual coupon of between 11 and 12 percent.
The company has appointed PT Indo Premier Securities and PT CIMB-GK
Securities Indonesia as underwriters.
BNI Securities, which focuses on equity and fixed income brokerage and
trading, as well as corporate financial services and asset management,
booked operating income of Rp 69.5 billion last year.
Its net profit reached Rp 30 billion, more than double 2005's Rp 12.1
billion.
As of the end of March, the company managed Rp 730 billion in funds and
expects this figure to increase by between Rp 100 billion and Rp 200
billion by the end of the year.
Hindarmojo said that the company would also hold an initial public
offering (IPO) next year.
"We plan to sell between 30 and 40 percent of our shares, hopefully in
the first semester," he said.
Currently, 99.85 percent of the company's shares are held by its parent
company and the remainder by its employees' cooperative.
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