Mobile-8 bond default: Global Mediacom acquired MNC stocks worth IDR4.90 billion

Wednesday, 17/03/2010 00:00 WIB

Mobile-8 bond default: Global Mediacom acquired MNC stocks worth IDR4.90 billion

Irvin Avriano A.

for Bisnis Indonesia

JAKARTA: PT Mobile-8 Telecom Tbk, CDMA-based cellular operator, was in state of default for bond coupon and penalty payment.

The default bond coupon here is of the 12th bond coupon from the I/2007 series. The unpaid penalty up to the due date of March 15, 2010 is the 9th bond of II/2007 series.

With the default, the bourse authority Monday this week suspended the 12th bond of the I/2007 series trade and transaction of the FREN code stock here.

Securities company assessment division head of the Indonesia Stock Exchange (IDX) Latifah Hanum said the suspension of emitter bond trade is applied for bond and fised income trading system (FITS).

"Mobile-8 bond trading suspension has been done from March 15, 2010, until the emitter explanation on the corporate bond coupon payment," she said in Jakarta Monday.

Latifah added the suspension was done following the report filed by PT Kustodian Sentral Efek Indonesia on the failure of the bond and securities emitter to pay for bond coupon.

IDX records that the company registered bonds worth IDR605.5 billion will mature in June 2017. the issued bond in June 2007 maturity was formerly extended for another five year prior to 1012.

The bond coupon was changed into 12.375 percent for nine quarters from June 15, 2007, then five percent for eight quarters starting from September 15, 2009, eight percent for 12 quarters from September 15, 2011, and 18 percent for 12 quarters on September 15, 2014.

Director of Mobile-8 Telecom Anthony C. Kartawiria in the public expose to IDX pledged to do all efforts to pay bond coupon and penalty on the first chance on the available extended period.

When suspended, the stock price of Mobile-8 cost IDR51. FREN stock price Friday rose IDR1 from IDR50 and the market capitalization stood at IDR1.68 trillion.

Meanwhile, PT Global Mediacom Tbk claimed to have acquired 17.50 million shares of PT Media Nusantara Citra Tbk (MNC) worth IDR280 per shares or totally worth IDR4.90 billion.

In the public expose to IDX, Global Mediacom was said to acquire MNCN stocks February 23, 2010 to maintain strategic ownership.

The MNC finance report September 2009 said Global Mediacom possessed 9.78 billion shares or 71.14 percent, Mediacorp Investment Pte Ltd owned 942.38 million shares or 6.85 percent, and public 3.03 billion or 22 percent shares.

By end September 2009, MNC net profit grew from IDR296.89 billions per September 2008 into IDR351.95 billion. but the business profit slightly declined form IDR521.99 billion in September 2008 into IDr516.66 billion.

Business revenue of the company majoring in television broadcast, print media, magazine, tabloid, and radio networks here rose from IDR2.78 trillion September 2008 into IDR2.83 trillion in September 2009.

Monday trade MNC stock price was closed with IDR5 plummet into IDr255 so as to have IDR3.50 trillion capitalization. Global Mediacom was declined by IDR15 into IDR320 so as to hit IDR4.40 trillion capitalization. (Bisnis/iaa/wiw/bsi)