JAKARTA (TheInsiderStories) - The Triputra Group’ rental service company, PT Adi Sarana Armada Tbk (IDX: ASSA) prepared funds of Rp1.5 trillion (US$106.38 million) for business expansion, especially buy a new fleets. The sources of funding its expected from funding for the last mile delivery business pillar line will be supported through the issuance of zero coupon convertible bonds or rights issue.
“We are currently submitting a plan to issue zero coupon convertible bonds along with Rights Issue to the OJK (Financial Services Authority) and are still waiting for approval,” said president director of the issuer, Prodjo Sunarjanto, on Tuesday (02/23).
This year, Adi Sarana is targeting the revenues grow 25 percent on annual basis with the logistics sector as the main support. The car rental business are expected to grow around 15 percent in the same year. However, he continued, the target really depends on economic growth after the government’ vaccination program.
In November 2020, the company had announced to offer convertible bond worth of Rp450 billion. International Financial Corporation will act as the standby buyer for the issuance. The transportation operator offered every 453 to receive 80 new shares at Rp750 per unit.
He explained that if shareholders do not exercise their rights, their share will be diluted by a maximum of 25 percent. The rights issue plan will be implemented by Adi Sarana after receiving an effective statement from the regulator.
“The proceeds from this corporate action will be use to expand our couriers, express couriers, through Anteraja and Titipaja as the latest initiatives in realizing e-fulfillment facilities towards end-to-end logistics,” he asserted.
Two Indonesian transportation issuers, PT Blue Bird Tbk (IDX: BIRD) and Adi Sarana has struggle and trying to keep their business in the middle of COVID-19 outbreak. The taxi operator now has difficulty fulfilling its obligations to refinances the principal debts worth of Rp484.59 billion.
According to president director, Noni Purnomo, her office to implement several strategies, including entering into a new agreement with the creditors to get relaxation in paying the principal debt and creating new business opportunities.
Since April 2020, the government applied large-scale social distancing and banned all commercial transportations operated in the country to curb the spread of COVID-19. In May 7, the transportation ministry has allowed airlines, land and sea transportation back to business.
During the social distancing numbers of passengers has dropped significantly and hampered the performance of Indonesian companies, especially transportation and hospitality.
US$1: Rp14,100
Written by Editorial Staff, Email: theinsiderstories@gmail.com
