From Government of Indonesia

Excelcomindo to Spend $700m This Year

Publicly listed cellular phone operator, PT Excelcomindo Pratama, said it will spend $700 million in capital expenditure this year, up from last year’s $500 million.

Part of the funds will be used to build more base transceiver stations (BTS). In addition to internal cash, funds will be raised through bond issues and bank loans, its president Hasnul Suhaimi said, according to an Antara report.

Suhaimi said the company is negotiating with a number of local banks for loans expected to be available in the first quarter of this year. He said Excelcom is preparing to issue bonds valued at Rp1.5 trillion ($165.4 million) in the second quarter of 2007 for which a number of underwriters are being selected.

Its shareholders in a general meeting in December 2006 sanctioned the management's plan to seek a loan of $430 million.
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