Indonesia’s Pindad issues notes to support expansion

SS3 Pindad [def.pk] ☆

Indonesian defence company PT Pindad has issued a medium-term note (MTN) programme to support its industrial expansion.

The company said on 20 November that the programme is worth IDR1 trillion (USD74 million), with the notes maturing after three years. PT Pindad said the funds generated through the issuance would be directed to boosting “business development projects” in both defence and commercial manufacturing sectors.

“The MTN fund will be used for additional working capital as PT Pindad looks to secure contracts from the Indonesian Ministry of Defence and the TNI [Indonesian Armed Forces] as well as various industrial product contracts,” said a company press release.

  ★ IHS Janes