JAKARTA (TheInsiderStories) – PT Solusi Tunas Pratama Tbk (IDX: SUPR) plans to issue local or global bonds to finance the company business expansion and increase the liquidity, said the spokeswoman on Tuesday (07/21). The tower provider considering issuing global bonds of US$400 million or in rupiah currency with a maximum value of Rp8 trillion ($559.44 million).
According to Juliawati Gunawan, the bond planned to have a tenor of seven years since with a maximum interest rate of 8 percent. If we look at the equity of the company as of Dec. 31, 2019, with total amount of Rp2.97 trillion, the transaction in US dollars will reach 187 percent of total equity. But if in Rupiah it reaches 269 percent of its equity.
Solusi Tunas was founded in 2006 with the core business of leasing telecommunications towers under a long-term lease agreement with an average tenor of around 10 years. The provider engaged in the telecommunications supporting infrastructure services including the supply, management and leasing of telecommunications sites and fiber optic cable networks and their supporting facilities both directly and through subsidiaries.
In 2014, another telecommunications company, PT XL Axiata Tbk (IDX: EXCL) had sold 3,500 towers to the company for Rp5.6 trillion. Then in 2017 the operator released its 2,500 towers to Portland at a price of Rp3.6 trillion.
At present, Solusi Tunas operates telecommunications tower assets in 34 provinces in Indonesia, where 84 percent of telecommunication tower sites are located in Java and Sumatra. In 2018, the company owns and operates 6,451 tower sites throughout Indonesia, consisting of 5,979 macro towers and 433 micro poles, with 10,492 tenants or with a rental ratio of 1.64x.
Until December 2019, the shareholders of the firm are PT Kharisma Indah Ekaprima 43.20 percent, Cahaya Anugerah Nusantara HLD LTD 25.51 percent, Juliawari Gunawan 0.03 percent, and the public 31.26 percent. Over the past year, the company’ revenues has decreased from Rp1.89 trillion to Rp1.77 trillion.
While the net profit returned to positive of IDR228.38 billion after in 2018 it posted a net loss of IDR1.22 trillion.
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