Verena hires 3 bond underwriters

JAKARTA: PT Verena Multifinance Tbk has appointed three underwriters in order to manage IDR500 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 IDR2 trillion or surged by 53.84% compared to last years, IDR1.3 trillion.Verenas 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 companys remaining focus turns out to be the service to accommodate its old consumers over the new car credit.Verenas booking reached IDR1.3 trillion last year or is in line with the revised booking target at IDR1.3 trillion. In the middle of the year, company revised its booking target from IDR1 trillion to IDR1.3 trillion.The VRNA-coded stock slightly soared early this week by 0.89% to IDR113 compared to last week at IDR112, leaving the market capitalization at IDR113.23 billion.In the meantime, Verena plans to add its branch offices in Sumatra and Jakarta, Bogor, Depok, Tangerang and Bekasi (Jabodetabek) this year following the promising market potential on those two areas.Director of Verena Multifinance, Andi Harjono said that the company perceived the importance of branch office expansion merely to accommodate the consumers credit demand.The company shall establish one new branch office in Jakarta, Bogor, Depok, Tangerang and Bekasi along with one branch in Sumatra.We perceive that the market potential on those areas are relatively promising, particularly seeing from the financing of the used cars, said Andi.At the moment, Verena Multifinance has already had five branch offices in Jakarta, Bogor, and Bandung as well as in Aceh, Palembang, Medan and Pekanbaru.Andi said that Verenas new financing in Jabodetabek accounts for 40% while in Sumatra, it reaches 40%. The remaining percentage is contributed from Borneo and Sulawesi. (T02/wiw)

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