Jakarta (TheInsiderStories) – Publicly listed retail and distribution of telecommunications equipment products, PT Tiphone Mobile Indonesia Tbk (IDX: TELE) offered local bonds worth of Rp500 billion (US$35.21 million), wrote the company on disclosure information on Thursday (09/05). The bond have two tenure.
First, the company issued of Rp300 billion bond with a tenure of three years and coupon rat 11.5 percent per annum. Second, worth of Rp200 billion with the best effort.
PT Bahana Sekuritas will acted as the underwriter for this bond. Tiphone said will start the offering period of these bonds on Sept. 13 and its expected to list the notes at Indonesia Stock Exchange (IDX) on Sept. 19.
The retailer will use as much as Rp256 billion of the funds to repay the principal debts issued in 2016 which will mature on Oct. 14, 2019. While the rest will be channeled as loans to subsidiaries.
Last year, Tiphone has launched a financial technology product through its subsidiary, PT Tele Utama Nusantara (TUN), a peer to peer lending system to grab the increasingly of digital economy.
TUN targets micro, small and medium enterprises that do not yet have access to conventional banking systems as well as people in rural areas. The unit currently has an Android-based digital payment platform which is a technology-based solution, Teleshop.
Beside, there is also an online to offline (O2O) platform that enables Teleshop partners to provide digital services to their customers. At present there are 25,000 MSME partners who use Teleshop in Java, Madura, Bali, and Papua, which consist of sellers of pulse vouchers, mini markets, small shops, street carts, school canteens, and cooperatives.
In the first semester (1H) of 2019, Tiphone posted a net profit of Rp170.26 billion, dropped 43.49 percent from the same period last year worth of Rp301.33 billion. The net income decreased to Rp12.56 trillion from 1H of 2018 of Rp14.13 trillion.
The cost of revenue also decreased to Rp11.83 trillion from the same period the previous year which was Rp13.21 trillion. While, the gross profit in the 1H of 2019 was recorded at Rp727.18 billion.
The gross profit decreased 20.48 percent compared to the same period the previous year which was Rp914.50 billion. The decrease was due to general and administrative expenses, sales expenses, and other operating income-net.
Meanwhile, operating profit was recorded at Rp416.88 billion, down from the first semester of 2018, which earned Rp593.68 billion. Profit before tax also declined to Rp 242.45 billion from the same period the previous year which was Rp404.15 billion. The company also recorded assets of Rp8.6 trillion in the period 30 June 2019, an increase from the 31 December 2018 period of Rp8.34 trillion.
Tiphone Mobile Indonesia was established on June 25, 2008 to address the needs of mobile telecommunications industry in Indonesia. The company engaged in telecommunication distribution channel, such as mobile phones and its parts, recharge vouchers and repair services.
In 2010, the company expanded its business field to repair services of mobile phones and provider of mobile phone applications and content by setting up two subsidiaries, namely PT Setia Utama Service and PT Setia Utama Media Aplikasi.
In early 2011, the Company continued to carry out the acquisition of two companies, namely Telesindo Shop, which is engaged retail and outlet, and PT Excel Utama Indonesia, which is the national dealer and distributor of PT XL Axiata Tbk (IDX: EXCL).
The Company’ seriousness to be a leading distributor is indicated by performing a number of strategic actions, such as establishing co-operation for distribution of LG mobile phones nationally, as well as the acquisition of a number of large distributors, such as PT Mitra Telekomunikasi Selular which is an importer and distributor of Apple products, as well as PT Poin Multimedia Nusantara as distributor of Samsung.
In new prepaid sim cards and recharge voucher sales businesses, the company formed a partnership with PT Telekomunikasi Seluler and Telkom Flexi who are part of PT Telekomunikasi Indonesia Tbk (IDX: TLKM), and XL Axiata.
To support all of the company’ line of businesses and accelerate growth, in January 2012 Tiphone listing its stock on the Indonesia Stock Exchange. In 2014, PT PINS Indonesia, a subsidiary of Telkom Group, has become one of the shareholders of the company.
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