Tuesday, August 31, 2010

Bakrie Telecom plans invest US$110 million

CDMA-based operator PT Bakrie Telecom Tbk (BTEL) plans to invest US$110 million this year, mostly used to fund their connecting data business for the year ahead. This loan in the amount of US$300 million denominated in renmimbi from Industrial and Commercial Bank of China (ICBC).
The company targets US$300 million investment or IDR2.7 trillion, it will be used to expand telecommunication network either cellular or data. They have targeted 14 million subscribers. This year spending, for about $100 million, will be mostly used to fund investment in PT Bakrie Connectivity while the rest used for company development. Besides the ICBC's loan, the company also has US$250 million from recently issued bond, which expired in 2012.

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