JAKARTA: PT Bakrie Telecom Tbk will conduct non-preemptive rights issue to settle bonds debt amounting to IDR650 billion.
The company is planning to release 2.85 billion new shares or 10% of its total issued and paid-up capital worth IDR900 billion.
The shares then will be swapped with 35% of PT Sampoerna Telekomunikasi Indonesia (STI). BTEL-coded company has sealed a conditional sale and purchase agreement with STI owner namely Sampoerna Strategic and Polaris, said BTEL’ President Director Anindya Novyan Bakrie.
In the agreement, BTEL will acquire 35% of STI where the company has the opportunity to acquire up to 100% of STI total shares.
The non-preemptive rights issue, worth IDR900 billion, might be conducted in the second quarter where Sampoerna Strategic and Polaris will be standby buyers. Other financial institutions also have expressed their interest.
“We have not decided the price, composition or the date as we need to report the plan to market watchdog and obtain shareholders approval first.”
Besides to acquire STI, the proceeds will be used to buy back Bakrie Telecom I/2007 bonds worth IDR650 billion that will due on September 4.
BTEL is in the process of finalization to obtain bank loans at IDR500 billion.
“we might pocket IDR1.4 trillion from rights issue and bank loan.”
In addition to acquisition and buy back, the fund will be used to finance company’s expansion. (T05/NOM)
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