Buana Finance Financing Still Rely Bank Debt

JAKARTA - financing company PT Buana Finance Tbk, this year still rely on funding from bank loans and internal cash.

"In February, the company obtained a loan facility of $ 30 million from Standard Chartered Bank which is converted in the currency of rupiah (principal only swap)," said Director RC Eko S Budianto, in his report to the Indonesia Stock Exchange in Jakarta on Friday (23 / 5 / 2008).

Earlier, in 2007 the company also relies on past loans from the syndicate of banks, Bank NISP, Bank Mega Rp500 billion to Rp330 billion utilization. Syndicated loan facility and Chinatrust utilization USD28 million with $ 25 million.

The funding from bank loans will be used for the addition of new branch offices, in major cities such as Samarinda, Denpasar, Pontianak, Bekasi, Kedoya, Serpong, Sampit, and Palangkaraya. Also an increase in the productivity of the existing branch at the moment.

Besides that, until now the number of branch offices reached 14 offices, with a market share in the segment of lease financing and consumer financing rose from 1.21 percent to 1.26 percent.

Meanwhile, the stock ownership composition Buana Finance include PT Sari Dasa Karsa 69.43 percent, PT Asuransi Bina Dana Arta Tbk 7.91 percent, 22.66 percent and the community.

Meanwhile, the composition of the warrant holder include PTD CIMB GK Securities Ltd. as much as 78.36 percent, Bangkok Bank Public Co. Ltd. 12.37 percent and 9.27 percent of the public.