JAKARTA: PT Bima Multi Finance, a non-bank financial institution focusing on automotive loan, disbursed total loans of IDR1.4 trillion in 2011.
The amount exceeded the targeted IDR1.2 trillion, said Bima Finance Director Wina Ratnawati. It also showed an 83% increase compared to IDR770.18 billion in 2010.
The financial company disbursed IDR857.37 billion for financing used cars, equivalent to 11.075 cars. Moreover, it disbursed IDR548.47 billion for financing used motorcycles, equivalent to 106.870 units.
In addition, it provided financing for commercial vehicles such as trucks and buses. The disbursement for this business line reached IDR184 billion last year.
“Loan disbursement grew rapidly because we opened 165 new point of sales last year,” Wina told Bisnis on Monday.
She added that demand has been rising for used cars, mainly from outside Java, though the area contributed not more than 19% of the company’s total business last year.
The company, which is presided by Ninoy T. Matheus, expects to disburse IDR1.7 trillion this year.
“We will expand our network by opening 20 new points of sales outside Java,” she revealed.
The company had 185 points of sales at end of 2011.
To reach the target disbursement, the company has equity of IDR370 billion, including loan of IDR120 billion from PT Bank Mutiara Tbk.
The company will also seek credit facility from its existing partner including PT Bank Rakyat Indonesia Tbk, PT Bank Negara Indonesia Tbk, PT Bank DKI, PT Bank ICBC Indonesia, and PT Bank Resona Perdania.
Moreover, Bima Finance plans to raise fund from the capital market by releasing medium term notes (MTN). The company has been relying only on bank loans in a joint finance and channeling arrangment.
The company will issue MTN in the first half of the year, its first action in the capital market. Later this year, the company will also issue bonds, Wina added.
Earlier, the company planned to issue IDR500 billion but revised it to not more than IDR200 billion, considering the impact from European crisis. (T04/msw)
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