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PT Excelcomindo Pratama, the country's third largest cellular
phone operator, will offer Rp 1.5 trillion (about US$164 million) in
bonds in April to finance an expansion of its cellular network.
The fixed rate bonds will be offered to the public between April 18 and
April 20, and will officially be listed on the Surabaya Stock Exchange
on April 27, president director Hasnul Suhaemi said Thursday.
The bond issue will be managed by PT CIMB-GK Securities, PT Danareksa,
PT DBS Vickers Securities Indonesia and PT Standard Chartered
Securities Indonesia.
The company has said that it plans to spend US$700 million to fund its
expansion plan and is hoping to increase the number of its subscribers
to 14 million by the end of the year from the current 9.5 million.
In 2006, the company recorded Rp 651.88 billion in net profit, after
suffering a loss of Rp 224.09 billion a year earlier.
The company's revenue from its cellular telephone business rose 50.1
percent to Rp 4.43 trillion from Rp 2.95 trillion in 2005.
"This improvement in the corporation's performance has been driven by
significant earnings from the cellular business and other
telecommunications services," Hasnul said Thursday as reported by
Antara.
According to the Jakarta Stock Exchange, 59.63 percent of the company's
shares are owned by Indocel Holding Sdn. Bhd., a unit of Telekom
Malaysia Bhd., 16.81 percent by Khazanah Nasional Berhad, 15.97 percent
by PT Rajawali Corporation, 7.38 percent by AIF (Indonesia) Limited,
and the rest by the investing public.
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