Thursday, 18/03/2010 00:00 WIB
Debt absorbed cash of Mobile-8
Irvin Avriano A.
JAKARTA: The cash of PT Mobile-8 Telecom Tbk, the CDMA-based cellular operator, is absorbed by the so significant amount of debt that should be paid that the company lacks of sufficient fund to pay the coupon payment to the bond holders.
Corporate Secretary of Mo-bile-8 Chris Taufik said the corporate cash is also allotted for business development. "This year we try to cut the corporate obligation so that we could pay all of our obligations in the future," he said yesterday.
Mobile-8 said Monday next week it will announce the default of bond coupon and penalty payment. At the same time, the bourse authority suspends the transaction of stocks and bonds.
The default bond coupon payment that should be paid by Mobile-8 is the 12th bond coupon of the I/2007 series. Meanwhile, the unpaid penalty up to the due date on March 15, 2010, is the 9th penalty of the second phase of I/2007 bond series.
IDX records the company had listed bonds worth IDR606.5 billion maturing in June 2007. The bond issued in June 2007 had been extended before for another five year due date as from 2012.
Last year, the company with FREN trade code here announced its debt conversion to new equity worth IDR700 billion as from the total corporate debt worth IDR840.92 billion
Responding to the Mobile-8 default, president director of PT Pe-meringkat Efek Indonesia Kahlil Rowter believed the financial market would not give negative responses to the case given that the bond payment prospect is in general still deemed good.
Pefindo projected the corporate bonds maturing this year will stand at about IDR15-20 trillion, and the new incoming bonds worth IDR25 trillion. "We are sure market could absorb them."
Unlike Kahlil, Dewi Fajar Mayang Sari, analyst of PT In-fo-vesta Utama, said the debt of Arpeni is potentially default along with the current position of idCCC level. However, it still depends on the corporate strategy.
Data of IDX shows some bonds on the default position include PT Pindo Deli Pulp and Pa-per Mills, PT Indah Kiat Pulp & Paper Corp Tbk, and PT Lontar Papyrus Pulp and Paper.
The same data also shows the bonds of PT Infoasia Teknologi Global Tbk worth IDR90 billion are on the level of B1.id and Ca.id. (Bisnis/bpj/iaa/bsi)