Mobile-8 Telecom secures USD70 million loan

22 Sep 2006

Indonesia’s Mobile-8 Telecom, a 76.01%-owned unit of PT Bimantara Citra, has secured a USD70 million loan facility from Lehman Brothers. PT Bimantara president Hary Tanoesoedibjo told the Antara News that the unit plans to use most of the new funding, and the proceeds of its forthcoming IPO in November, to expand its wireless network in Sumatra and Kalimantan. Mobile-8 hopes to increase network capacity to four million users by the end of next year, rising to seven million by December 2008. It currently has capacity for around 2.2 million lines, of which 1.4 million are in service. ‘Mobile-8 has gone through its most difficult time as a new operator. It is now entering a new stage where its subscriber base, revenue and profit can grow significantly,’ Tanoesoedibjo said.

Indonesia, Mobile-8 Telecom