PT Mandiri Tunas Finance, venture between PT Bank Mandiri Tbk and PT Tunas Ridean Tbk, is planning to sell IDR600 billion of bonds from May 10 to May 13 to help fund lending expansion, the automotive financing company.
The company will sell four series of bonds maturing in as much as 4 years and has appointed PT Mandiri Sekuritas to help sell the debt.
Mandiri Tunas was established in 1989 as a multifinance company under the name of PT Tunas Financindo Corporation, which was further renamed to PT Tunas Financindo Sarana in 2000.
Formerly Mandiri Tunas was majority owned by PT Tunas Ridean Tbk, one of the leading automotive dealers in Indonesia.
In February 2009, PT Bank Mandiri, the largest bank in Indonesia by asset, became new controlling shareholder by acquiring 51% share ownership from its previous owners, while the remaining 49% was held by Tunas Ridean. Later in April 2009, the Company changed its name to PT Mandiri Tunas Finance.
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