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Sunday, April 11, 2010

Bapepam-LK calls for Mobile-8 clarification

Friday, 09/04/2010 00:00 WIB

Irvin Avriano A.

Bapepam-LK calls for Mobile-8 clarification


JAKARTA: The Capital Market and Finance Institution Supervisory Agency (Bapepam-LK) calls for further clarification of the capital rise without preemptive rights issue (non-HMETD) from PT Mobile-8 Telecom Tbk.

"Despite the answer given to our first letter, we sent them another letter to query in general their corporate business plan," said service sector company finance assessment bureau chief of Bapepam-LK Noor Rachman to press yesterday.

He said Mobile-8 planned to increase capital with non HMETD to cover investor debt. However, the CDMA operator of Fren here has not detailed their debts to pay through rights issue.

Mobile-8 plans for non-HMETD capital rise will be done following the company failure to pay bond coupon and its penalty few times since last year. The last default was on March 15, 2010 and caused the bond and stock trade suspension.

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

The suspension of the emitter has just been revoked last month when the company paid the 12th bond coupon and the 9th bond penalty. At the time, Mobile-8 also explained the relevant corporate plans.

Formerly, Mobile-8 Corporate Secretary Christoporus Siswandi Taufik said the company offers the bond holders to change their company stocks with non-HMETD mechanism.

"The rights issue scheme will be addressed in the extraordinary general meeting of bond holders scheduled on April 29," he said.

The failure of management of Mobile-8 to pay bond coupon and interest was alone causing the Sinarmas Group which owned the bonds to review to increase its share ownership.

Sinarmas through PT Gerbangmas Tunggal Sejahtera owns 19 percent of Mobile-8 shares after acquiring the possession of PT Global Mediacom. Following the acquisition, Sinarmas claimed to have possibly possession augmentation of Mobile-8. (Bisnis/iaa)

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