Bisnis.com, JAKARTA – The Indonesia Stock
Exchange (BEI) questioned the guarantees of shares owned by PT Global Mediacom Tbk.
(BMTR) in PT Media Nusantara Citra Tbk. (MNCN) on loans obtained by BMTR worth
US$127.5 million.
In order to disburse the
loan to PT MNC Kabel Mediacom (MKM), the lender – the China Development Bank
Corporation (CDB) – requested that BMTR guarantee 150% of the value of the loan
plus the valuation of the MNCN shares.
MKM is a company
controlled indirectly by BMTR.
This answer was
delivered by Syafril Nasution, Corporate Secretary of BMTR, through a
disclosure of information on Wednesday (7/23); said letter requests
clarification from the Indonesian Stock Exchange (IDX) for July 2014.
Via the prospectus,
published Monday (7/14), BMTR has stated that MKM has received a loan of
US$127.5 million from the CDB.
This loan has a tenure
of 7 years, until 2021, including a grace period of 3 years starting from the agreement’s
date of execution.
The loan interest rate
amounts to the margin added to the 6-month LIBOR interest. A margin of 485 bps
without Sinosure insurance or 345 bps with Sinosure insurance is payable every
6 months.
Regarding the loan, BMTR
provides a corporate guarantee and backs a stake in PT Medina Nusantara Citra
Tbk. (MNCN) amounting to an equivalent of 150% of the loan value, or US$191.25
million.
Loan funds shall be used
to finance investments and working capital to develop a network based on fiber
optics.
If the MKM project is
not on target, BMTR may then lose ownership of the pledged shares in MNC.
“And lose the
opportunity to use the guaranteed shares in MNC whenever the company itself is
in need of funding,” wrote Syafril.
BMTR is confident in the
success of MKM’s fiber optic-based network development project. Therefore, MKM
shall provide fiber optic-based network services with fiber-to-the-home (FTTH)
technology into the center of many areas where fiber-optic services still do
not reach.
In addition, the
penetration of subscription television and broadband Internet remains low and
unevenly distributed in Indonesia.
The company intends to
become the largest media firm and have the most comprehensive service base.
This includes
free-to-air television, subscription television by satellite dish, and
subscription television and data communications over cable network, in addition
to online media, printed media, and radio.
“The company also can
create synergies and bundling that will have a positive impact on the company’s
growth and the efficiency of its business units,” said Syafril.
The growth of MKM is
expected to contribute to revenue, EBITDA, and net income for BTMR beginning in
2016.
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