PT Bank Permata Tbk eyes on the possible issuance of subordination bonds worth US$100-200 million to boost up the capital adequacy ratio (CAR).
An executive knowing the information said the fund generated from the junior bonds issuance will be allotted to raise the corporate CAR.
"Bonds issuance here will be done gradually. The would-be standby buyers will become the ultimate shareholders," he said yesterday.
The bond here will have 10 years tenure with call option mechanism on the fifth year. Subordination bond serves as an alternative for bank to boost up CAR. Half of the fund raked from the bond issuance will be allotted for the bank second tier so as to mount the CAR.
Based on data per 31 December 2008, PT Astra Internasional Tbk and Standard Chartered Bank are deemed the shareholders of 44.51 percent Bank Permata shares.
Wednesday, February 4, 2009
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