Indonesia: Sritex postpones $420m bonds offer; MNC Bank to launch $37m rights issue

Indonesia textile producer PT Sri Rejeki Isman Tbk (Sritex) has postponed its plans to issue bonds while PT Bank MNC International Tbk (BBAP), part of MNC group owned by tycoon Hary Tanoesoedibyo, plans to raise $37 million from rights issue.

Sritex postpones bonds issue 

Textile producer Sritex has decided to postpone its plan to issue bonds worth $420 million (Rp5.67 trillion).

Sritex president director Isman Iwan Setiawan Lukminto said, the company’s board postponed the bonds issue after it decided to rethink its plan to develop its own power plant to meet the need of its textile plants.

“We hold the bonds issue as we earlier wanted to use the proceeds to fund our power plant project,” Iwan Setiawan said, in an announcement.

Sritex said, the company will seek shareholders’ approval again next year if they intended to go ahead with the issue, which was scheduled to be launched this year.

MNC Bank to raise $37m via rights issue this year

Bank MNC is planning to raise capital of Rp500 billion ($37 million) this year through a rights issue. The proceeds will be mainly used to strengthen its capital.

President Director of MNC Bank Benny Purnomo said, the capital increase is aimed at strengthening the bank’s capability to expand its business. The rights issue proceeds will be used to strengthen its core capital to Rp2.2-2.3 trillion this year from Rp1.79 trillion at present.

He said the bank’s capital adequacy ratio (CAR) is also expected to increase to above 18 per cent from 17.9 per cent at end 2015. With the capital increase, the bank expects to boost its lending by 15 per cent  this year.

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Indonesia’s MNC Group units seek $102m from rights issue

Indonesia’s MNC Group, Korea Land Housing to develop $210m project

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.