Tower Bersama Paid Cash Dividend

Ilustrasi (DOK)

JAKARTA (IndoTelko) – PT Tower Bersama Infrastructure Tbk (TBIG)  announced that its Board of Commissioners has approved the proposal of its Board of Directors to distribute a 2013 interim dividend of IDR60 per share or equivalent to approximately Rp 288 billion in aggregate.

The cash dividend will be paid on 3 October 2013 to all shareholders on record as of the close of business on 23 September 2013.

“We started paying dividends in 2011 but in 2012 we felt it was prudent to defer the payment of dividends after the acquisition of 2,500 towers from Indosat. Our ability to generate steady cash flow and our strong financial position allows us to re-commence the payment of regular dividends. In planning for this interim dividend, we have taken into consideration the capital expenditure required to complete our organic order book as well as our debt servicing obligations and the financial covenants stipulated under our loan and bond agreements. We still have a tremendous amount of financial flexibility.” commented Hardi Wijaya Liong, CEO of TBIG.

As at 30 June 2013, TBIG had gross debt of Rp 10,840 billion and gross senior debt of Rp 7,852 billion while cash balances were of Rp 1,536 billion translating into net debt of Rp 9,304 billion and net senior debt of Rp 6,316 billion.

Based on annualized EBITDA for the quarter ended 30 June 2013 of Rp 2,136 billion, TBIG had a net debt to EBITDA ratio of 4.35x and net senior debt to EBITDA ratio of 2.96x.

Based on TBIG’s financial covenants under its debt programme(net senior debt to previous month’s annualized EBITDA of up to 4.5x), TBIG has substantial borrowing capacity.(es)