Huawei become the new shareholder of Bakrie Telecom

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China’s Huawei through its local unit will become the new shareholder of PT Bakrie Telecom Tbk (IDX: BTEL) through a bond conversion worth Rp 1,23 Trilion ($93.2 million) or equivalent to 9 per cent of shares. The conversion price at Rp200 per share, four times higher than Bakrie Telecom’s current trading price of Rp50. The company own by Bakrie’s family is in a grand scheme of paying Rp11 trillion debts to creditors. The shareholders of the company has approved on issues series of convertible bonds worth Rp7 trillion. The bonds will be converted into 56 per cent of shares in the company, which will then be divided among its 50 creditors according to the loans portions. Three of Bakrie’s largest lenders – Huawei, PT Profesional Telekomunikasi Indonesia (Protelindo) and PT Solusi Tunas Pratama Tbk (IDX: SUPR). Protelindo will receive 7 per cent (Rp969 billion) and Solusi Tunas Pratama 6.8 per cent (Rp 935 billion). The public shares, however, will be diluted to 30 per cent from 67 per cent after transaction.

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Source: The Insiderstories
Huawei become the new shareholder of Bakrie Telecom

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