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JAKARTA: PT Indosat Tbk prepares option to seek loans in anticipation of the cancelation of US$500-750 million bond issuance.
However, the option here will only be enacted on August 2010 or after the company decided that the global finance market situation is still too fluctuating so it is not a right momentum to issue bonds.
"If the best change (of bond issuance)fails to exist up to August 2010, we will see other funding resource like bilateral loans and credit facilities," said Finance director of Indosat Peter Wladyslaw Kuncewicz in Jakarta yesterday.
The company will use the bond issuance or bank lona to restructure debt. This year the company due date debt is IDR453 billion.
Peter said Indosat shareholders agreed to share IDR745 billion dividend or IDR137.86 per share or equals 50 percent of 2009 net profits worth DIR1.49 trillion.
Responding to the query on synergy scheme with PT Telekomunikasi Indonesia Tbk (Telkom), President Director of Indosat Harry Sasongko said the company still studies some options, and thus it is too early to unveil it.
The discussion about synergy of Telkom and Indosat begins with the infrastructure cooperation, that is an exchange of networks. "This will cover BTS stagnant growth this year," he said.
The number of Indosat BTS (base transceiver station)up to last year were 16,353 units, or less than those of the competitor, PT XL-Axiata Tbk, with 19,349 units of BTS. Now BTS of XL-Axiata is claimed to exceed 20.000 units.
Telkom was previously said to have negotiation on Flexi joint with other CDMA-based fixed telephone service. Indosat CDMA unit has STarOne brand.
Separately, analyst of PT BNI Securities Akhmad Nurcahyadi said Indosat action to wait up to August is the effort made by the company to seek funding with lowest cost upon considering the right time.
But he said the main point to consider by investor is not the due date debt but rather on how the company could use the loan to boost up revenue.
"For making synergy of Telkom and Indosat, I think it is positive noting the tighter competition climate. But it is too early because it is not clear yet whether the synergy here means merger or just branding combination," said Ahmand.
Meanwhile, President director of PT Bakrie Telecom Tbk Anindya Bakrie said the company has reported the synergy scheme with Telkom to Bapepam-LK.
But the company could barely target when the synergy would result in strategic decision such as merger, acquisition, rights issue, or formation of joint venture as recommended by the State Enterprise Ministry.
Chief of Bapepam-LK Ahmad Fuad Rahmany conceded Anin-dya statement. "They said the option has ongoing sturdy." (Bisnis/rar/fim/bpj/iaa/bsi)
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