JAKARTA -
Indonesia's biggest lender PT Bank Mandiri Tbk (BMRI.JK) plans to raise 3 trillion rupiah ($300 million) or more from a subordinated bond issue for further expansion, the bank's president director said late on Tuesday.
President Director Agus Martowardojo told reporters that the debt offering would take place by the end of the year.
"We estimate the value to be around 3 trillion rupiah or more. We are watching the market response for possible dollar (denominated) bonds or rupiah, at this point the rupiah is likely to be more feasible," he said.
Mandiri, which has a stock market value of $8.67 billion, posted a 24.4 percent increase in net profit to 1.5 trillion rupiah in the second quarter, based on Reuters calculations.
The lender forecast loan growth of 15-18 percent in 2009, higher than the central bank's forecast of 11-12 percent.
Mandiri will select advisors for the issue from seven investment banks and securities firms already approached, but Martowardojo declined to say how many advisors would be appointed. ($1 = 9,995 rupiah)
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