Satellite operator plans to float its shares abroad
Satellite operator plans to float its shares abroad
JAKARTA (JP): PT Pasifik Satelit Nusantara (PSN), the country's first private telecommunications operator, plans to float its shares abroad later this year.
The company's chief commissioner, Setyanto P. Santosa, told The Jakarta Post that PSN is currently preparing itself for initial public offering on the Nasdaq Capital Market in the United States.
"The company will also consider floating its shares on domestic stock exchanges," he said.
Setyanto, who is also the president of the state-owned domestic telecommunications provider PT Telekomunikasi Indonesia (Telkom), was unwilling to provide any further details.
"Everything is being prepared," he said.
There are currently several Indonesian companies and joint ventures partly owned by Indonesian parties which are listed on Nasdaq, including PT Tri Polyta Indonesia, a polypropylene resins producer controlled by PT Bina Kimia Citra, a subsidiary of the Bimantara Group.
PSN is a joint venture company between overseas and domestic firms, including Telkom which controls a 25.85 percent ownership. Other shareholders include PT Elektrindo Nusantara, a subsidiary of the Bimantara Group (with share ownership of 19.39 percent), PT Primaupaya Lintaswara (9.7 percent), PT Skaisnetindo Teknotama (9.38 percent) and PT Multi Prima Abadi (1.77 percent).
The three foreign parties owning shares in PSN are Hughes Space and Communications Inc. of the United States (8.85 percent), Telesat Canada (8.85 percent) and Quoin Financial Corporation of the United States (16.21 percent).
PSN provides satellite-based communication services within the Asia-Pacific region using six extended C-band transponders of the Palapa-C satellites.
Satellites
The Palapa-C1 satellite is now in orbit to operate until March 2010, while the Palapa-C2 satellite will be launched in July 2010. The Palapa-C series satellites are owned and operated by PT Satelindo, a joint venture company, which also involves the Bimantara Group,
PSN also operates satellites previously owned by Telkom. PSN received an in-kind contribution from Telkom for using the Palapa-B1 satellite worth Rp 3.1 billion. PSN currently plans to take over the Palapa-B2P, whose lessees have been transferred to the Palapa-C1 satellite owned by PT Satelindo.
Setyanto said that the process of the Palapa-B2P transfer from Telkom to PSN was now under completion.
Joining with Philippines Long Distance Telephone Co. of the Philippines and Jasmine International Public Co. Ltd. of Thailand, PSN has set up PT Asia Cellular Satellite System, a Jakarta-based telecommunications firm which will offer mobile- satellite-based cellular telecommunications.
PSN, which owns six extended-C band transponders on the 34- transponder Palapa-C1 satellite, also operates a teleport facility in Batam, Riau.
PSN, established in 1991, will be Telkom's first subsidiary to float its shares abroad. Telkom currently has stakes in nine other telecommunications firms. Last year Telkom itself floated its shares on the Jakarta, Surabaya, New York and London stock exchanges.
According to Telkom's prospectus, PSN recorded a total revenue of Rp 1.6 billion last year, while its total assets reached Rp 97.3 billion as of June 30, 1995. (icn)