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)