JAKARTA (TheInsiderStories) – PT Astra Sedaya Finance, a leasing company under PT Astra International Tbk (IDX: ASII) to releases local bonds worth of Rp2.5 trillion (US$173.66 million) to support their business activities. Based on an information disclosure on Monday (03/29), the bonds divided into two series.
Series A was issued with a principal values of Rp891.97 billion with an interest rate of 4.85 percent per year and 370 days of tenure. While, the Series B worth of Rp1.6 trillion have tenure three years with an interest rate of 6.35 percent per annum. The notes has received an AAA rating from PT Pemeringkat Efek Indonesia.
Acted as the joint-lead underwriters for the bond issuances are PT BCA Sekuritas, PT CIMB Niaga Sekuritas, PT DBS Vickers Sekuritas Indonesia, PT Indo Premier Sekuritas, PT Mandiri Sekuritas, PT Maybank Kim Eng Sekuritas and PT Trimegah Sekuritas Indonesia Tbk (IDX: TRIM). Astra Sedaya has set the offering period on April 8 – 12 and to be listing on the Indonesia Stock Exchange on April 16, 2021.
The financial company,has successfully issued bonds and Islamic bond five times with total valued of Rp.7.6 trillion. The last bond issuance was in March 2020 amounted to Rp2.18 trillion.
During last year, net income of the financial services under Astra group dropped by 44 percent to Rp3.3 trillion in 2020, mainly due to increased provisions to cover increased non-performing loan losses in the consumer and heavy equipment financing business. The value of new financing in these segments fell by 23 percent to Rp67 trillion.
Net profit from the financial services division decreased 46 percent to Rp803 billion and the net profit from PT Federal International Finance, which focuses on motorcycle financing, down 42 percent to Rp1.5 trillion. Total new financing disbursed by the unit that focus on heavy equipment financing decreased by 17 percent to Rp3.6 trillion. The slow businesses has make the net profit of the financial group decreased by 59 percent to Rp40 billion.
In total, the group’ net profit fell by 53 percent to Rp10.3 trillion in 2020 from the previous year, not included PT Bank Permata Tbk (IDX: BNLI) shares. With the share sales, the net profit is reported dropped by 26 percent to Rp16.2 trillion over the previous year.
“The revenue and net profit of the Astra group decline due to the impact of the COVID-19 pandemic and efforts to overcome it. We predict this condition will last for some time and still to early to predict the impact on the group’ performance in 2021,” said president director of Astra, Djony Bunarto Tjondro, in the company’ official statement released on Feb. 25, 2021.
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