Sep 26, 2011

Smartfren to issue Rp2.7 trio bonds

CDMA-based cellular PT Smartfren Telecom Tbk (FREN) plans to issue Rp2.7 trillion mandatory convertible bonds in a bid to fulfill working capital and capital expenditure (capex).
Finance Director Antony Susilo said the operator will allocate 20% of the bonds issuance or Rp540 billion. According to him, the capex will be used by Smartfren to expand networking  and establish new outlets. The bonds issuance is part of the total issuance of Rp4.7 trillion. In the first half of this year, Smartfren issued Rp2 trillion convertible bonds.

Disclosure: No position at the stock mentioned above.

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