JAKARTA (Yosefardi) – PT Tiphone Mobile Indonesia Tbk (TELE) plans to acquire PT Simpatindo Multi Media, distributor for products of Telkomsel, the largest mobile carrier in the country and subsidiary of PT Telekomunikasi Indonesia Tbk (TLKM). TELE allocates Rp500 billion for this acquisition.
Telkom Group, through PT PINS Indonesia, had also acquired 25% TELE shares for Rp1.39 trillion.
TELE also plans to spin off PT Excel Utama Indonesia, its unit which distributing products of PT XL Axiata Tbk (EXCL).
In the first half of 2014, EXCL contributed 12.66% revenues to TELE, while Telkomsel contributed 47.82%.
As already raising fresh funds from shares sale to Telkom group, TELE opts to cancel its bond issue plan for Rp2 trillion worth.
TELE targets to book revenues of Rp15 trillion this year, and targets revenues to reach Rp20 trillion in 2015, supported by PINS Indonesia.