Home News Indonesia’s Hanson Issues Bonds US$78M to Pay Liabilities

Indonesia’s Hanson Issues Bonds US$78M to Pay Liabilities

PT Hanson International Tbk (IDX: MYRX) plans to issue convertible bond (CB) Rp1.1 trillion (US$78.57 million) to resolve the financial problems has affecting the company, the management told media on Wednesday (11/13) - Photo: Special

JAKARTA (TheInsiderStories) – Indonesian multinational company, PT Hanson International Tbk (IDX: MYRX) plans to issue convertible bond (CB) Rp1.1 trillion (US$78.57 million) to resolve the financial problems has affecting the company, the management told media on Wednesday (11/13).

Last month, the investment alert task force at Financial Service Agency (FSA) has stopped the short-term debt transaction of the company cause was allegedly violating the Banking Law. The company has obligation to pay its liabilities to its customers that has maturity of October 2019 to October 2020.

Commissioner of Hanson, VR Tata, explained, from the transactions, the company raised public funds worth of Rp2.66 trillion. For this year, Hanson must pay the liabilities with worth of Rp1.07 trillion.

He continued, the firm new elected’ president director Benny Tjokrosaputro has been talked to property companies and offered them to become the standby buyer for the CB issuance. Tata said, the company also prepared several other funding options to anticipate the worse respond on the planned.

While, Tjokrosaputro, stated that going forward, Hanson will focus on the property projects. The company now working on several projects such as the integrated city of Citra Maja Raya in Maja, Banten joined with Ciputra Group, the Forest Hill project is located in Serpong, Banten, and the next project being worked on Millennium City located in Parung Panjang, Bogor, West Java.

Beside get approval on the CB issuance, the position of as president commissioner, now the chairedby Agus Santosa, former chairman of Financial Transaction Reports and Analysis Centre.

Previously, the regulator had imposed a sanction to Hanson and its owner Tjokrosaputro. The agency mentioned that both parties has broke the capital market rule for overstatement of the company financial statements for the fiscal year 2016.

The owner fine for Rp5 billion and the housing developer Rp500 million and was ordered by the FSA to restate the 2016 financial statement. The decision is in line with Provisions of Article 69 of Law Number 8 of 1995 concerning Capital Markets.

Beside him as the president director, the regulator also give a sanction to its director Adnan Tabrani, who was responsible for the 2016 financial statement of Hanson. He has to pay the administrative penalty of Rp100 million.

Furthermore, Sherly Jokom, partner of Public Accountant Officer Purwantono, Sungkoro and Surja, part of Ernst and Young Global Limited is also responsible audit of financial statement of December 31, 2016. FSA decided her permit as an accountant office will be frozen until next year.

Hanson Internasional has various businesses in industry, general trade, service and development. The company has established since 1973 and focused on inject capital to the subsidiaries.

US$1: Rp14,000

Written by Staff Editor, Email: theinsiderstories@gmail.com