Satellite operator plans to float its shares abroad<\/p>\n
JAKARTA (JP): PT Pasifik Satelit Nusantara (PSN), the
\ncountry's first private telecommunications operator, plans to
\nfloat its shares abroad later this year.<\/p>\n
The company's chief commissioner, Setyanto P. Santosa, told
\nThe Jakarta Post that PSN is currently preparing itself for
\ninitial public offering on the Nasdaq Capital Market in the
\nUnited States.<\/p>\n
\"The company will also consider floating its shares on
\ndomestic stock exchanges,\" he said.<\/p>\n
Setyanto, who is also the president of the state-owned
\ndomestic telecommunications provider PT Telekomunikasi Indonesia
\n(Telkom), was unwilling to provide any further details.<\/p>\n
\"Everything is being prepared,\" he said.<\/p>\n
There are currently several Indonesian companies and joint
\nventures partly owned by Indonesian parties which are listed on
\nNasdaq, including PT Tri Polyta Indonesia, a polypropylene resins
\nproducer controlled by PT Bina Kimia Citra, a subsidiary of the
\nBimantara Group.<\/p>\n
PSN is a joint venture company between overseas and domestic
\nfirms, including Telkom which controls a 25.85 percent ownership.
\nOther shareholders include PT Elektrindo Nusantara, a subsidiary
\nof the Bimantara Group (with share ownership of 19.39 percent),
\nPT Primaupaya Lintaswara (9.7 percent), PT Skaisnetindo Teknotama
\n(9.38 percent) and PT Multi Prima Abadi (1.77 percent).<\/p>\n
The three foreign parties owning shares in PSN are Hughes
\nSpace and Communications Inc. of the United States (8.85
\npercent), Telesat Canada (8.85 percent) and Quoin Financial
\nCorporation of the United States (16.21 percent).<\/p>\n
PSN provides satellite-based communication services within the
\nAsia-Pacific region using six extended C-band transponders of the
\nPalapa-C satellites.<\/p>\n
Satellites<\/p>\n
The Palapa-C1 satellite is now in orbit to operate until March
\n2010, while the Palapa-C2 satellite will be launched in July
\n2010. The Palapa-C series satellites are owned and operated by PT
\nSatelindo, a joint venture company, which also involves the
\nBimantara Group,<\/p>\n
PSN also operates satellites previously owned by Telkom. PSN
\nreceived an in-kind contribution from Telkom for using the
\nPalapa-B1 satellite worth Rp 3.1 billion. PSN currently plans to
\ntake over the Palapa-B2P, whose lessees have been transferred to
\nthe Palapa-C1 satellite owned by PT Satelindo.<\/p>\n
Setyanto said that the process of the Palapa-B2P transfer from
\nTelkom to PSN was now under completion.<\/p>\n
Joining with Philippines Long Distance Telephone Co. of the
\nPhilippines and Jasmine International Public Co. Ltd. of
\nThailand, PSN has set up PT Asia Cellular Satellite System, a
\nJakarta-based telecommunications firm which will offer mobile-
\nsatellite-based cellular telecommunications.<\/p>\n
PSN, which owns six extended-C band transponders on the 34-
\ntransponder Palapa-C1 satellite, also operates a teleport
\nfacility in Batam, Riau.<\/p>\n
PSN, established in 1991, will be Telkom's first subsidiary to
\nfloat its shares abroad. Telkom currently has stakes in nine
\nother telecommunications firms. Last year Telkom itself floated
\nits shares on the Jakarta, Surabaya, New York and London stock
\nexchanges.<\/p>\n
According to Telkom's prospectus, PSN recorded a total revenue
\nof Rp 1.6 billion last year, while its total assets reached Rp
\n97.3 billion as of June 30, 1995. (icn)<\/p>",
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