JAKARTA. PT Dian Swastatika Sentosa Tbk (DSSA) has divested some of its portion in PT Smartfren Telecom Tbk (FREN) to redistribute its investment portfolio.

FREN’s shares divested by DSSA clock up to 22.48 billion, equal to 4.71% of total issued and paid-up capital of FREN. The shares are divested to PT Bali Media Telekomunikasi (BMT) for IDR 562.16 billion in total.

For the record, BMT is an affiliate of DSSA, as both are controlled and owned by the same person, Franky Oesman Widjaja.

“With this shares divestment, the company wishes to be able to focus on more systematic business development and investment portfolio management,” added the management of DSSA in the official statement.

On the same occasion, DSSA and BMT also signed a loan facility worth USD 525 million. This facility has a tenor of 3 years.

The management of DSSA mentioned that the loan facility involves an affiliated party so that the company has a means to pay the loan back through debt-to-equity swap.

“Or it may receive compensation in the form of relevant interest; whichever option that may grant added-value to the company,” concluded the management. (KR/ZH)