Search This Bitch

Loading...

AddThis?

Share |

Monday, March 22, 2010

Sinarmas reviews expansion into Fren: Management of Mobile-8 called to accomplish bond and penalty payment

Monday, 22/03/2010 00:00 WIB

Sinarmas reviews expansion into Fren: Management of Mobile-8 called to accomplish bond and penalty payment

Irvin Avriano A.

JAKARTA: Sinarmas Group reviewed the growing stock ownership to the major shareholder at PT Mobile-8 Telecom Tbk, following the default of bond coupon by the Fren operator here.

The tycoon Eka Tjipta group here has not been interested with certain strategic measures to anticipate the default such as through restructuring of shareholders.

Managing Director of Sinarmas Gandhi Sulistiyanto said the company has no plan to have finance restructuring to settle the default of bond coupon payment despite the fact that it is one of the shareholders.

"The default of bond payment is still the responsibility of the former shareholders, so it is not Sinarmas. This deals with one of their finance restructuring. We will review the interest of Sinarmas ownership expansion here," he said to Bisnis yesterday.

The Sinarmas Group through PT Gerbangmas Tunggal Sejahtera now owns 19 percent of Mobile8 shares after acquiring PT Global Mediacom owenrship. After the acquisition, Sinarmas management is likely to expand the possession of Mobile-8 into major shareholder.

Thus far, the cellular operator of Smart which is controlled by Sinarmas Group has not made any overall synergy but simply marketing cooperation by using both parties marketing networks.

On March 15, 2010, Mobile-8 Telecom failed to pay the 12th coupon plus the 9th penalty of second phase of the I/2007 bond series.

In the public expose to IDX, Director of Mobile-8 Telecom Anthony C Kartawiria said the default was due to the absence of adequate fund to pay the obligation.

As per September 30, 2009, the obligation of Mobile-8 Telecom stood at IDR4.94 trillion, with IDR278.64 billion revenues and IDR439.95 billion net profits.

"Now, we are recalculating and the plan to expand the ownership scheme here is in discussion process. However, we still have cooperation will," said Gandhi.

Now Mobile-8 has synergy with PT Smart Telecom on marketing. The synergy of both CDMA-based cellular operators here targets to have 10 million subscribers in 2010.

On the other side, Bapepam-LK will call for clarification addressed by Mobile-8 Telecom on the default of the 12th bond coupon and 9th penalty payment.

"We have summoned them after the default announcement. The point is that we question them on the default. We cannot provide the details yet," said Service Sector Company Finance Assessment Bureau Chief of Bapepam-LK Noor Rachman last week.

He said now the capital market authority still waits for the response from the emitter on the bond coupon and penalty payment default. The bond rating now has been deemed at idD default position given by PT Pemeringkat Efek Indonesia (Pefindo) since March.

IDX had not idea of whether or not to revoke the suspension of Mobile-8 Telecom even if the company has paid the bond coupon and penalty.

Corporate assessment director of IDX Eddy Sugito said the bourse authority will consider the corporate finance situation and the settlement done by Mobile-8.

"Payment is one of the factor to revoke FREN suspension. But it is not simply that. There are still many others to consider. The company should provide certainty and clear direction on the bond and penalty payment," he said. (Bisnis/iaa/ags/10)

0 comments:

Followers

Bisnis Online Free Automatic Backlink Investing Blogs - BlogCatalog Blog Directory