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Tuesday, February 22, 2011

Mobile-8 fails pay sinking fund on time

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: CDMA-based operator PT Mobile-8 Telecom Tbk still has not fulfilled to provide a sinking fund merely to settle the coupon of bonds I/2007. Yet, the company is optimistic to settle its obligation on schedule or on 15 March.

Such notion was addressed during the information disclosure of PT Bank Permata Tbk as the bond trustee of Mobile-8 to PT Bursa Efek Indonesia (BEI) this week. Based on such report, Mobile-8 must allocated IDR7.58 billion.

PT Bank Permata Tbk Head Transaction Banking of , Rudy Tanjung said that Mobile-8 fails to fulfill its obligation in allocating the settlement fund based on the given schedule on 14 February.

"The listed company explained that at the moment it has conducted several efforts to intensify its performance merely to fulfill its obligation. Mobile-8 expects the sinking fund payment to be paid before the next payment term on 15 March," said Rudy during such information disclosure.

The existing bonds I/2007 Mobile-8 totaled IDR606.5 billion and were burdened by 5% coupon per year. Such amount and coupon is the product of restructuring process in 2009.

Restructuring is the extension of maturity period into March 2017 from the initial maturity period in 2012. The bond coupon also has been changed into 5% in the first two years, 8% in the next two years and 18% in the last year.

The company led by Merza Fachys had been saved by Sinarmas Group through reverse takeover (RTO) scheme by holding IDR3.7 trillion rights issue (US$413 million) last year.

Such RTO has placed Mobile-8 as the majority shareholders of PT Smart Telecom, Sinarmas Group's telecommunication company.

However, such scheme has also caused the shareholder of Smart Telecom, PT Bali Media Telekomunikasi, PT Wahana Inti Nusantara and PT Global Nusa Data to be the majority shareholders of Mobile-8.

The RTO scheme also reflects back door listing for business telecommunication for Sinarmas Group in the capital market. Mobile-8 also plans to change its name after previously used joint brand, Smartfren.

Mobile-8's Corporate Secretary, Christophorus "Chris" Siswandi Taufik expressed his optimism that the company shall pay its coupon on March 15th. In order to realize this, the company shall intensify the marketing process on Smartfren's product, namely "Lokal plus."

"We don't want any bonds default take place. This becomes our main concern as well as the shareholders. A revenue rise is not sufficient; we also plan to utilize our routine fund that previously has been allocated to other company's needs."

He said that the company will include the plan to change the company's name in the annual shareholder meeting. Afterwards, there will be the extraordinary shareholder meeting on 23 March. (T02/wiw)



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