JAKARTA: PT Nippon Indosari Corpindo Tbk, the producer of Sari Roti brand bread put off its plan to issue bonds this year but will seek bank loan to finance the construction of two new factories.The company decided to generate fresh fund from bank loan, worth to IDR150 billion by the fourth quarter this year, said Operating Director Yusuf Hadi.“We have decided to secure bank loan as it is more flexible. We can withdraw the fund gradually, according to our needs,” he told Bisnis last week.At the moment, the company is in talks with three banks for seeking loan. However, the management is yet to decide which bank to partner with Nippon as the loan need is not relatively urgent.This bank loan will be utilized to fund the construction of two factories located in Palembang and Jakarta by the end of this year or early next year.Previously, the company has constructed new factories in Medan and Semarang.“We expect any agreement with banks to complete by the end of this year, thus, we can disburse the loan by early next year merely to finance new factories construction,” he said.Prior to this, Yusuf said that the company is reviewing the possibility of bond issuance to generate funds.Nippon Indosari has held talks with Mandiri Sekuritas and PT OSK Nusadana Securities regarding such financing alternatives.“We still have closed discussion with Mandiri Sekuritas and OSK Nusadana regarding to fund collection. The option is bank loan or bond issuance,” he said back then.Not yet finalYusuf said supposed the company decides to issue bonds this year, it will value around IDR100 billion. Yet, this is not a final decision since the management still reviews this plan.The company in fact also considers of issuing medium term notes as Nippon requires only small amount of fund.With the uncertain global market, the company’s decision to cancel bond issuance is right, said bond analyst at PT Nusantara Capital Securities, I Made Adi Saputra.Adding to that, supposed the company issues short term bonds, the risk is somehow higher amidst current volatile bonds market.Besides, with this relatively small requirement to construct factories, the bank loan that can be tapped gradually is more effective scheme for the company. (18/T02/NOM)
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