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Indosat plans $700m bond sale
23 June 2010
Indosat CEO Harry Tirtotjondro says new bond issue will be used to refinance the Indonesian company’s $499m debt
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Indosat
Indonesia
Qatar Telecom
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telecoms
Indonesian telecom company Indosat is planning to issue $500-$700 million of bonds this year. According to CEO Harry Tirtotjondro, the funds will be used to refinance its $499 million debts maturing in 2010, and to partially fund the company’s capital expenditure.
Indosat, controlled by Qatar Telecom, is planning capital expenditure of $550-$700 million this year, mainly for infrastructure development. Tirtojondro said the company is still considering selling its telecom tower assets, which have a value of about $1.9 billion.
Indosat has also reappointed new board directors. Harry Sasongko has been appointed president director and Peter Kuncewicz, Stephen Hobbs, Fadzri Sentosa and Laszlo Barta as directors.
The company will allocate 50% of its 2009 net profit to shareholder dividends. GTB