JAKARTA - The financing company or multi-finance company owned by the issuer of automotive distributor PT Mitra Pinasthika Mustika Tbk alias MPMX, namely PT JACCS MPM Finance Indonesia (MPM Finance), obtained an offshore syndicated loan facility worth a total of 250 million US dollars, or equivalent to Rp3 .7 trillion.
MPM Finance Indonesia as much as 60 percent of its shares are owned by JACCS Co. Ltd. The remaining 40 percent is held by PT Mitra Pinasthika Mustika Tbk (MPMX), a leasing company owned by PT Saratoga Investama Sedaya Tbk. (SRTG).
Saratoga is a joint venture of the Minister of Tourism and Creative Economy (Menparekraf) Sandiaga Uno with the sons and daughters of the founders of Astra, namely the Soeryadjaya family which is now controlled by Edwin Soeryadjaya.
JACCS MPM Finance Director of Finance Hajimu Yukimoto explained that this syndicated loan came from 20 financial institutions as of July 1, 2022, denominated in United States dollars and Japanese yen with a tenor of 4 years.
"This foreign syndicated loan facility is one of the company's strategic steps as a form of diversification of funding sources, in addition to bilateral bank loan facilities from within and outside the country," he said in an official statement, quoted Tuesday, July 26.
Act as mandated lead arrangers, underwriters, and bookrunners in this syndicated loan facility, namely MUFG Bank, Ltd. (MUFG) which incidentally is also affiliated with JACCS MPM Finance, and Mizuho Bank, Ltd. (Mizuho). Hajimu explained that this overseas syndicated loan facility is the 6th time the company has obtained.
Previously, in May 2019, the company also managed to obtain a similar facility worth US$250 million from 20 financial institutions. Recently, in the context of the strategy to verify funding sources, this leasing is also in the process of issuing the Public Offering of Sustainable Bonds I JACCS MPM Finance Indonesia Phase I 2022, targeting a total fund raising of Rp600 billion.
"The company continues to be careful in planning to obtain funding sources, including by reducing the portion of foreign currency loans. Of course this is done by considering funding needs and market conditions," he added.
Hajimu explained, the financing industry in the country in general still has very good prospects in this period, especially thanks to Indonesia's economic growth which recorded an increase of 3.69 percent in 2021.
Moreover, Indonesia's economic growth is mainly supported by government consumption and investment, as well as public consumption. In addition, the growth of the automotive market in the country is promising as the largest in Southeast Asia.
"We are optimistic that we will be able to strengthen our financing business, especially thanks to the strong support from our shareholders. Precisely, the financial support from JACCS in obtaining funding sources at competitive costs, as well as the MPMX business ecosystem support in relation to the financing of new Honda motorcycles," concluded Hajimu.
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