Clipan Finance saw a 60.25 percent growth in finance portfolio to Rp 2.5 trillion as of August 2011 from Rp 1.56 trillion year-on-year (YOY) mainly attributable to new branch offices opening. (IFT/DINUL MUBAROK)
PT Clipan Finance Tbk (CFIN), a mid-scale finance company, saw a 60.25 percent growth in finance portfolio to Rp 2.5 trillion as of August 2011 from Rp 1.56 trillion year-on-year (YOY) mainly attributable to new branch offices opening.
Dwijanto, Corporate Secretary of Clipan Finance, said that the company has opened six branch offices as of August 2011 that the company has had 31 units. It plans to open four more in Sumatera and Sulawesi. Clipan Finance prepares Rp 500 million to Rp 700 million for each branch office.
As of August 2011, around 60 percent of its finance portfolio was to consumer financing. Around 30 percent of which was to heavy equipment finance portfolio and another 10 percent was factoring portfolio. As for consumer financing, the company preferred to focus on second-hand car finance portfolio.
A growth in finance portfolio prompted its assets to grow twofold to Rp 4 trillion in January to August this year from Rp 2 trillion year-on-year (YOY). Dwijanto estimated that the assets will continue to grow by year-end. This year, the company targets its finance portfolio to reach Rp 2.5-4 trillion.
Lower Rights Issue
To achieve its finance portfolio target, the company plans to sell 1.1 billion rights issue stocks at Rp 400 per share. The company targets to reach Rp 486 billion from the rights issue. The rights issue price is lower than the initial plan at Rp 500 per stock in order that investors can take up their rights and their shares will not be diluted. "A decline in the market forces us to adjust our offering price," he said.
Rights issue proceeds will be used for heavy equipment finance portfolio but the company will use it for other sectors as well next year. The company has had a loan commitment from several banks for its finance portfolio.
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