PSN plans listing on local stock exchanges<\/p>\n
JAKARTA (JP): Satellite communications provider PT Pasifik
\nSatelit Nusantara (PSN) said on Wednesday it would list its
\nshares on the Jakarta or Surabaya stock exchange after completing
\na debt-restructuring program with the Indonesian Bank
\nRestructuring Agency (IBRA).<\/p>\n
PSN's president, Adi R. Adiwoso, said the company, which is
\ncurrently listed on the Nasdaq, expected to finalize the
\nrestructuring of its US$213 million debts with all the lenders
\nthrough IBRA this year.<\/p>\n
\"If the local stock market is contusive and we have concluded
\nthe debt-restructuring program, we can possibly proceed with the
\nlisting plan before the end of the year,\" he said after company's
\nshareholders' meeting.<\/p>\n
He said the company expected the local listing would increase
\nthe awareness of local investors to PSN.<\/p>\n
In addition to the local listing plan, shareholders also
\napproved during the meeting the management's proposal to issue 56
\nmillion new shares to boost its working capital.<\/p>\n
Adiwoso said the company expected to raise more than $152
\nmillion from the issuance of the new shares.<\/p>\n
He acknowledged that PSN's satellite communications business
\nwas seriously affected by the economic crisis that has hit many
\nAsian countries since 1997.<\/p>\n
He said PSN lost several of satellite-transponder leasing
\nclients last year because the latter were having financial
\nproblems and could not meet their PSN contractual obligations.<\/p>\n
PSN was earlier forced to temporarily suspend the construction
\nof its new satellite M2@ in 1998 due to the financial crisis, he
\nsaid.<\/p>\n
\"The proceeds from the rights share issuance will partly be
\nused to finance the restarting of M2@ satellite project,\" he
\nsaid, adding that providing the funds-raising plans succeeded the
\nM2@ satellite is expected to be launched in the next two years.<\/p>\n
Upbeat<\/p>\n
Adiwoso said he was upbeat that PSN would see better business
\nthis year and ahead as the demand for satellite-transponder
\nleases had gradually increased.<\/p>\n
The company leases satellite-based radio and television
\ntransponders from its Garuda 1 satellite, which was launched in
\nFebruary from Kazakhstan, to broadcasting and other telecoms
\ncompanies in the region.<\/p>\n
PSN reported a net loss of $30.53 million in 1999, as against
\na 1998 net loss of $21.19 million.<\/p>\n
PSN is currently controlled by PT Telkom with a 27.57 percent
\nshare, PT Elektrindo Nusantara, 21.12 percent, PT Primaupaya
\nLintasswara, 9.40 percent, and PT Skaisnetindo Teknotama, 8.40
\npercent.<\/p>\n
The company is also owned by Hughes Space and Communication
\nInternational Inc. with a 9.23 percent share, Telesat Canada,
\n7.23 percent, and the public, 19.58 percent. (cst)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/psn-plans-listing-on-local-stock-exchanges-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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