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)