JAKARTA. PT Voksel Electric Tbk (VOKS), a cable manufacturer company, has now secured “idBBB+” rating from Pemeringkat Efek Indonesia (Pefindo) for Series B of Bond I Year 2019, which is still circulating in the public now, from the initial “idBBB”.

Pefindo believes that the rating upgrade reflects the expectation of support from the controlling shareholder of VOKS, Hengtong Optic International Co. Ltd. The support is also said to allow flexibility for the company to secure additional credit facilities.

The bond will mature on December 12, 2024. VOKS plans to use its internal cash to pay off said bond.

“The rating reflects strong chance of support from its parent entity, solid market positioning, and stable demand from electricity and telecommunication sectors,” added Pefindo in the official statement.

According to IDNFinancials data, VOKS recorded cash and cash equivalent of IDR 262.5 billion. Total assets were at IDR 2.22 trillion, while total equity reached IDR 708.2 billion. (KR/ZH)