JAKARTA (TheInsiderStories) – Cellphone and voucher retailer company, PT Tiphone Mobile Indonesia Tbk (IDX: TELE) and four of its subsidiaries, PT Telesindo Shop, PT Simpatindo Multi Media, PT Perdana Mulia Makmur and PT Poin Multi Media Nusantara, are threatened with bankruptcy after being officially bankrupt pocketed status in as Temporary Debt Payment Obligation from the court.
This status was stated by the Panel of Judges at the Central Jakarta Commercial Court, today (07/08). The file submission in Central Jakarta District Court was carried out by its obligor, PT Rancang Bangun Pundinusa.
According to Tiphone Mobile Director, Meijaty Jawidjaja, in disclosing information on the Indonesia Stock Exchange, the company experienced defaults on bonds and syndicated bank loans. The total value of the principal debt that the company failed to pay was valued at Rp3.23 trillion.
The company will hold a bondholders meeting on Friday, July 17. In this meeting the company hopes to find a meeting point for the debt problem.
Earlier this year, Tiphone Mobile said it still pocketed the proceeds of the bond issuance amounting to Rp1.4 trillion, which will be used to refinancing the maturing bond debt. In addition, the retail company is also considering issuing new shares.
According to the corporate secretary, Semuel Kurniawan, his office was in talks with investors from China regarding the plan. Based on the financial statements of the company, in the first quarter of 2019, total debt bonds that will fall in 2020 totaled Rp539.02 billion.
While, Tiphone Mobile‘ total cash and cash equivalents totaled Rp1.07 trillion, exceeding the amount due this year. He stressed, “We cannot be pessimistic about this year’s performance, but realistic with the existing conditions, for example the presence of this corona virus. The most important thing is the efforts made to pay off bonds.”
This retailer was established on June 25, 2008 to answer the needs of the cellular telecommunications industry in Indonesia. The company is engaged in telecommunications distribution channels, such as cellphones and parts, refill vouchers and repair services. In 2010, TELE expanded its business field to improve cellphone services and mobile content and application providers by establishing two subsidiaries, namely PT Setia Utama Service and PT Setia Utama Media Application.
In early 2011, the Company continued to acquire two companies, namely Telesindo Shop, which is engaged in retail and outlets, and PT Excel Utama Indonesia, which is a national dealer and distributor of PT XL Axiata Tbk (IDX: EXCL).
In the new prepaid sim card and refill voucher sales business, the company formed a partnership with PT Telekomunikasi Seluler and Telkom Flexi which are part of PT Telekomunikasi Indonesia Tbk (IDX: TLKM), and XL Axiata.
To support all lines of the company’s business and accelerate growth, in January 2012 Tiphone listed its shares on the Indonesia Stock Exchange. In 2014, PT PINS Indonesia, a subsidiary of Telkom Group, has become one of the company’s shareholders.
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