Factoring and leasing company, Siam Panich (SPL) expects to post revenue growth of 22% in 2003, with net interest spreads maintained at 5%, according to president Shatchawan Kiatgraigangwant.
SPL posted revenues of 2.15 billion baht last year, up from 1.7 billion in 2001. Net profit for 2002 was 775.1 million baht, compared with 673.9 million the previous year.
Mr Shatchawan said net spreads have fallen to 5% from 6% due to increased competition and a steady decline in interest rates.
The company would look to reduce its financing costs through new debenture issues.
SPL yesterday appointed Siam Commercial Bank, Standard Chartered Bank and Deutsche Bank as joint lead underwriters for its upcoming issue of 3.5 billion baht in four-year debentures. The coupon rate for the debentures is 3.2%, with an A- rating from Tris Rating.
