Satelindo plans to issue bonds
Satelindo plans to issue bonds
JAKARTA (JP): After suspending its plan to issue debt
instruments last year, PT Satelindo has decided to issue
convertible bonds in the second semester of this year to generate
between US$300 million and $400 million.
Satelindo's president, Iwa Sewaka, said yesterday that
convertible bonds are the best debt instrument for Satelindo to
generate funds for its operations.
"At the moment, when at least 10 world-class telecoms firm are
floating their shares on international stock markets, issuing
convertible bonds is the most appropriate way for us to look for
additional funds," he said.
He said that Satelindo had received a number of proposals from
both domestic and foreign firms to arrange the bond issuance.
Satelindo officially took over the lessees of the Palapa-B2P
satellite's transponders on March 16 by providing them with
Palapa-C1 transponders. The Palapa-B2P was owned and operated by
the state-owned domestic telecommunications provider PT Telkom,
while the Palapa-C1 is owned and operated by Satelindo.
Satelindo, which runs international calls and Global System
for Mobile (GSM) cellular telephones, has invested millions of
dollars in its telecommunications projects, which include: the
supply, launching, insurance and other arrangements for its two
Palapa-C satellites; the construction of telephone gateways and
earth stations; and the establishment of cellular networks.
The company has received $180 million in commercial loans,
which were repaid when DeTeMobil of Germany acquired 25 percent
of its shares for $586 million last year.
Iwa said yesterday that his company planned to look for
another $230 million in soft loans in the 1996-1998 period to
finance its GSM expansion.
"This year alone, we expect to get $120 million from Paribas
Bank of France and KFW of Germany for the cellular project," he
said.
Satelindo officially joined yesterday with KualiVa, an
alliance of six businesses offering a new debit card with special
services to customers.
The KualiVa card was introduced last August by Gramedia
Bookstore, Hero Supermarket, Sempati Air, Matahari Department
Store, Fuji Image Plaza and Bank Bali.
Satelindo will now offer special services to customers through
KualiVa memberships. (icn)