Excelcomindo to Spend $650M on 2008 Capex

PT Excelcomindo Pratama plans to spend $650 million on 2008 capital expenditure, which will include development of fiber optic networks and base transmission system across Indonesia, Dow Jones Newswires reported.

"To finance the capex next year, we plan to issue either bonds or seek bank loans," Hasnul Suhaimi, president director and chief executive of the nation's third-largest telecommunications company by subscribers, told reporters.

He didn't provide further details on the bond issue plan.
He said fresh funds are needed to support the company's plan to add around four million new subscribers by the end of next year.

Excelcom has said it expects its subscribers to hit 14 million by the end of 2007, up from around 10.5 million in 2006.
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