Indonesia’s Smartfren Telecom is seeking loans of US$240m-US$350m from foreign banks, according to CFO Antony Susilo.
The local Investor Daily cited Susilo as saying the proceeds will be used to help fund the company’s migration from CDMA 3G to LTE…
Indonesia’s Smartfren Telecom is seeking loans of US$240m-US$350m from foreign banks, according to CFO Antony Susilo.
The local Investor Daily cited Susilo as saying the proceeds will be used to help fund the company’s migration from CDMA 3G to LTE 4G technology. The total cost of the project, according to the report, is US$400m-US$500m.
Further details will be provided when the transactions are finalised, the CFO reportedly added.
Smartfren and publicly-listed Bakrie Telecom agreed last November to merge their network operations. The deal will also see Bakrie own a minority stake in Smartfren and rent capacity on its network.
Last December, Bakrie creditors reportedly agreed to a restructuring plan that will convert the majority of the telco’s debt into equity.
Jakarta-based Smartfren, which is majority-owned by local conglomerate Sinar Mas Group, is among the smallest players in Indonesia’s saturated mobile market.
