PT Bakrie sells telecom shares to repay debts

Indonesia’s PT Bakrie & Brothers sold a 15% stake in subsidiary PT Bakrie Telecom for Rp1.46trillion (US$159m), as it raises funding to repay maturing debts and meet new investment requirements. Its principal lender is Credit Suisse, to whom a US$569m payment is due in March, according to local reports. Other lenders include include Bank ICB BumiPutera, Ascension Ltd., Seychelles, Solent International Limited, Bank Sarasin-Rabo (Asia) Ltd and Harus Capital Pte. Ltd. Bakrie retains 29.95% of Bakrie Telecom after the recent sale.

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