JAKARTA, Indonesia Today – Shares of PT Telekomunikasi Indonesia Tbk (TLKM) dropped as low as 3.11% to Rp9,350 per share on Monday trade (17/9) after its subsidiary PT Telekomunikasi Seluler (Telkomsel) has declared bankrupt by Central Jakarta Commercial Court last weekend.
SingTel???s shares, meanwhile, inched down 0.6% to S$3.31 on afternoon trade.
Telkomsel, the largest cellular operator in the country with over 100 million users, has been declared bankrupt by the Court on Friday (Sept 14).
Ricardo Indra, POH Head of Corporate Communication Group of Telkomsel, told Detik.com that the company respects the court’s verdict, but will keep on fighting against it. Ricardo said the company will soon appeal to high court. Panel of judges led by Agus Iskandar has earlier declared Telkomsel bankrupt based on a lawsuit filed by PT Prima Jaya Informatika.
“We have overdue receivables from Telkomsel. Another company with overdue receivables is PT Extend Media Indonesia,” said Kanta Cahya, lawyer of PT Prima.
PT Prima claimed that Telkomsel has failed to provide top-up vouchers to the company as regulated in the agreement. PT Prima, therefore, filed a bankruptcy lawsuit to the Central Jakarta Commercial Court against Telkomsel.
PT Prima signed an agreement with Telkomsel in June 1st, 2011. The agreement requires the cellular operator company to provide 120 million sports edition of top-up vouchers in two purchase orders amounting Rp2.6 billion and Rp3 billion in June 20th, 2012.
Telkomsel then sent an email to PT Prima explained that the company could not fulfill the request. Kanta explained that PT Prima is a partner of Indonesia Sportsman Foundation (YOI) which spent 30% of its revenue to the foundation.
Telkomsel holds 45.1% market share with 117 million customer base as of June 2012 and claimed 10% growth on operating revenue in the second quarter. Telkomsel is controlled by SingTel with 65% ownership, while the rest 35% is taken by TLKM. (indra@theindonesiatoday.com)