JAKARTA. PT Tower Bersama Infrastructure Tbk (TBIG) will issue notes in foreign currency, with total principal of USD 900 million or IDR 13.87 trillion (using currency rate of IDR 15,416 per USD).

The issuance will take place no later than 12 months after securing approval from General Meeting of Shareholders of TBIG. The meeting is scheduled to take place on May 30, 2024.

In the information disclosure, the management of TBIG said that the proceeds gained from this notes’ issuance will be used for numerous needs, starting from extra capital for subsidiaries, and payment of maturing loans.

According to IDNFinancials data, TBIG recorded total equity of IDR 12.36 trillion as of December 31, 2023. Therefore, this notes’ issuance is categorised as material transaction, as the value is equal to 112.4% of total equity of the company.

These notes will be issued and listed on Singapore Stock Exchange. “Aside from listing approval from Singapore Stock Exchange, there is no more approval required from the government or agency or other institutions, other than the approval from GMS of the company,” added the management of TBIG in the official statement.

It is worth mentioning that the interest that will be offered alongside TBIG’s notes is set to a maximum of 8%. The interest payment will take place every 6 months, or other period as agreed upon in GMS. (KR/ZH)