Asset growth bumps Sadira Finance into Tier 2 finance provider classification | INSIDER COMPANY
March 18 (The Insider Stories) — PT Sadira Finance, an automotive financing unit of Bosowa Corp., posted a 265% rise in its assets last year to 251 billion rupiah ($25.7 million), allowing the company to jump into a higher level of classification under Indonesian government regulations.
Sadira is now a Tier 2-category finance provider based on its asset classification, according to a finance ministry regulation, it said in a statement.
Sadira president director Arianto said a financing company is classified as Tier 2 if its assets are between IDR100 billion and IDR1 trillion.
In 2011, Sadira was classified Tier 3 with only IDR68.7 billion in assets.
Last year, the company booked 377% growth in financing from 2011. Financing grew to IDR212.3 billion from IDR44.5 billion.
In 2014, Bosowa is targeting achieving Tier 1, the highest classification for a financing company operating in Indonesia.
ABOUT THE COMPANY
PT Sadira Finance is a unit of Bosowa Corp. included in Bosowa’s financial-services group. It focuses on financing company for four-wheeled commercial vehicles.
Bosowa controls six financial-services companies:
PT Bosowa Multi Finance, a financing company with focus on passenger cars and Low Cost Vehicles;
PT Asuransi Bosowa Periskop, a general and health insurer;
securities brokerage PT Royal Trust Capital;
PT Sadira Finance;
PT BPRS Dana Moneter, A rural lender that complies with Sharia finance principles;
and PT Bank Kesawan Tbk, a joint-venture commercial bank between Bosowa and Qatar National Bank.
ABOUT BOSOWA
Bosowa is a business pioneer from eastern Indonesia. Established for 40 years, Bosowa has grown and developed into a national-scale company. Bosowa says that it plans to continue making breakthroughs in business and adopting strategies that strengthen its presence in Indonesia. The company’s management says it is optimistic and enthusiastic that it can grow the group’s diversified businesses.
Bosowa is involved in 10 sectors: automotive, cement, logistics and transportation, mining, property, finance, infrastructure, energy, media and miscellaneous businesses.
