Smartfren secures loan $200m from CDB
Indonesia telecommunication operator PT Smartfren Telecom Tbk (IDX: FREN) has secures new loan fromChina Development Bank (CDB) with worth US$200 million in to be used as working capital. The four-year loan credit has guarantee 99 per cent of its unit’s Smart Telecom (Smartel) assets. Director of Smartfren, Antony Susilo, said in a statement, the CDB loan follows a previous deal with Cascade Gold Limited, which provided $100 million in loans last year. The cash would be used to repay debts in the company as well as its subsidiaries. Smartfren posted a revenue of Rp751.8 billion in first quarter 2016, or only slightly higher than Rp748.3 billion in the same periode 2015. This year, the LTE provider targets to secure five million subscribers and expanding its service from 22 to 85 cities. It said it has been working with a number of smartphone manufacturers, including Lenovo, to improve 4G penetration across the country.
Source: The Insiderstories
Smartfren secures loan 0m from CDB