Indonesian Stock Exchange suspended trading in shares and rupiah
denominated bonds of Bakrie Telecom to avoid market
speculations as the mobile operator is scheduled to pay its
bondholders on Tuesday.
"The stock exchange authority is still listing BTEL I-2007
bonds until company is able to fulfil its duty on the bond
payment," the exchange said in a statement on Tuesday.
The CDMA operator was due to pay principal and interest
worth about 650 billion rupiah ($68.17 million) to its
bondholders, while the Indonesian Central Securities Depository
(KSEI) had only received 200 billion rupiah.
Analysts expect Bakrie Telecom's financial problems to
continue, leaving very little room for raising further debt as
its 2015 bond covenant will be breached and therefore its capex
guidance will remain modest compared with bigger players.
Bakrie Telecom stock closed at 137 rupiah on Monday. The
broader Jakarta Composite Index was up 0.08 percent at
1217 p.m. (0517 GMT)
($1 = 9,535 rupiah)
(Reporting by Andjarsari Paramaditha)