• Bakrie Telecom (BTEL) is setting up 2 new subsidiaries, PT Bakrie Connectivity and PT Bakrie Network, to manage the company’s internet and broadband business arm. PT Bakrie Connectivity is a internet and multimedia provider while PT Bakrie Network will focus on telecommunication & network infrastructure procurement. BTEL has prepared US$100mn to be injected to PT Bakrie Connectivity. It still studying the amount allocated for PT Bakrie Network.
• On another topic, the company will soon complete its US$250mn global bond issuance as several investors from US, China and Europe is ready to absorb the issuance. The company will use the proceeds to refinance its US$190mn debt to several creditors with the remaining to be used to finance capex.
• BTEL is trading at 2010F consensus PER of 22.6x and EV/EBITDA of 5.3x.
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