JAKARTA: The newly listed financing company, PT Tifa Finance Tbk will issue IDR300 billion bonds with three years maturities by early next year.The proceeds will be used to finance the expansion in financing distribution.The company is still reviewing the bond issuance plan as it will be used as one of financing alternatives to foster new financing distribution, said Tifa Finance President Director Suwinto Djohan.This year, the company is eyeing IDR1 trillion financing or soared by 67% compared to last year at IDR600 billion.He said besides bank loan, internal cash, the company will rely on bonds either up to three years bond or under three years medium term notes. Previously the company has issued IDR100 billion MTN.There are several sources for this year and next year financing, derived from bank loan, bonds or MTN. We are going to review IDR300 billion bonds issuance early next year, he told Bisnis last week.Until now, the company is yet to appoint any underwriter for such bond issuance. He also affirmed that it is not certain that Tifa will appoint PT Andalan Artha Advisindo Sekuritas, usually handle Tifa Finances corporate action.The companys financing is mainly backed by bank loan besides bonds. Early this year, the company has secured IDR500 billion bank loan.The banks providing the loan included PT Bank Mandiri Tbk, PT Bank Central Asia Tbk, PT Bank Internasional Indonesia Tbk and PT Bank CIMB Niaga Tbk. We secured IDR500 billion financing from several banks, he said.Consumer financingAs per the first half of 2011, Tifas new financing was IDR450 billion or 45% of this years target. Hal of the financing was allocated to heavy equipment leasing.Early this month, the company secured IDR55.60 billion from its IPO. Tifa, established on 14 June 1989 disposed 278 million stocks or 25.78% of the total placed and paid in capital at IDR200 per share.Besides focusing on heavy equipment and machine financing with leasing scheme, Tifa is currently expanding its segment on automotive consumer financing.The TIFA-coded stock climbed by 6.56% to IDR325 per share last week, leaving the market capitalization at IDR350 billion. It was at IDR310 per share, the lowest level.At the moment the shareholders consist of PT Dwi Satrya Utama (35.64%), Tan Chong Credit Pte Ltd (35.64%) and public (25.75%).Tan Chong focuses on assembly industry and the distributor of Nissan-branded vehicle, heavy vehicle and machine as well as property investment, trade and services. (t02/msw)

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