Bisnis Indonesia
PT Wahana Ottomitra Multiartha (WOM) Finance Tbk is seeking IDR1 trillion
loans with the tenor of three years.
The President Director of WOM Finance Suwandi Wiratno said the money is
needed to support the expansion plan of IDR5.5 trillion compared with
IDR4.82 trillion last year.
He said that 25% of lending will be from banks other than Bank
Internasional Indonesia (BII), and the rest 75% will be from BII.
"We will expand the total loan of IDR5.5 trillion to finance 520,000 units
of two-wheelers this year compared with 476,000 units last year.
He said this year the company will seek IDR1 trillion in loan with the
tenor of three years. "Actually there is option to sell bonds, but the
market is unfavorable."
He said the liquidity of the company is sound so that last year it has
refinance IDR750 billion of the bonds.
Suwandi said WOM Finance has announced the net loss of IDR241 billion due
to the provision of IDR712 billion.
He said that the loss was the effect of its compliance to Bank Indonesia's
regulation (PBI) No.8/6/2006 on Consolidated Risk Management of Bank That
Have Subsidiaries.
"The effect is temporary so that our balance sheet will go blue this year.
We will book net profit this year."
If the company did not apply the system, it should have posted the net
profit of more than IDR100 billion."
WOM Finance is a financing arm of BII (50.03%). The other shares of WOM
Finance belong to International Finance Corporation (11.97%), DBS Nominees
Ltd (5%) and the public (33%). The company has been focusing on
two-wheelers from Japan.
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