PT Wahana Inti Nusantara is acting as a standby buyer for the rights issue of CDMA-based cellular operator PT Smartfren Telecom Tbk (FREN).
Ade Rusmanta, Smartfren Corporate Secretary, as quoted by Kontan today, said Wahana Inti is a holder of 24% stake of Smartfren.
"If other shareholders won't exercise their rights during the rights issue, Wahana Inti will be the largest shareholder," he said.
Smartfren, previously owned by PT Global Mediacom Tbk (BMTR), intends to issue 13.36 billion new shares of C series with preemptive rights. The size equals to 60% of the company's total shares. Each holder of two A series shares will entitle two rights. The operator will use 75% of the proceed to pay its debt, including a Rp500 billion medium term notes.
Wahana Inti Nusantara is 91.01% controlled by Sinarmas Group via PT Gerbangmas Tunggal Sejahtera and PT Wireless Indonesia with 8.99% stake.
Wahana Inti's total assets were Rp647.53 billion, Rp792.98 billion, and Rp887,34 billion respectively in 2008, 2009, and 2010.
Gerbangmas Sejahtera's total assets in 2008, 2009, and 2010 were Rp715,32 billion, Rp1,13 trillion, and Rp1,14 trillion respectively.