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Thursday, March 3, 2011

Mobile-8 offers to exchange its bond into shares, again


BI / exchange
2/3/2011
Irvin Avriano A.
Bisnis Indonesia

Mobile-8 offers to exchange its bond into shares, again

JAKARTA: PT Mobile-8 Telecom Tbk intend to buyback their I/2007 corporate bonds that outstanding amounted to IDR606.5 billion and exchange it for the company's until May 2nd.

Mobile-8 Company Secretary Christophorus 'Chris' Siswandi Taufik said the exchange of bonds into shares would offer a 5% premium to the bond holders so that the purchasing price is 105% from the bond value.

"The company is obliged to announce if they intend to cancel the buyback, the company have to announce it on a newspaper with national circulation," said him in a Indonesia Stock Exchange (IDX/Bursa Efek Indonesia/BEI) information disclosure today.

He said the company which shares coded FREN will be issue B series of shares. That series of shares will have IDR50 nominal and valued.

The number and the coupon bond was a result of restructuring carried out in 2009. Terms of the restructuring is to provide extension of maturity to March 2017 from maturing in 2012. Coupon bonds have also been changed to 5% in the first 2 years, 8% in the next 2 years, and 18% on last year.

Companies who commandeered by Merza Fachys have been saved by the Sinarmas Group through a reverse takeover scheme (RTO) with a rights issue worth IDR3.7 trillion (equivalent to US$413 million) last year.

The RTO makes Mobile-8 has a majority stake in PT Smart Telecom, Sinarmas Group telecommunications company. However, the scheme was also makes shareholders of Smart Telecom namely PT Bali Media Telecommunications, PT Wahana Inti Nusantara, and PT Global Nusa Data, become the majority shareholder of Mobile-8.

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