PT Telekomunikasi Indonesia (Persero) Tbk. disclose the impact of the risk of default on the financial obligations of PT Tiphone Mobile Indonesia Tbk. (TELE) on the company’s financial and operational performance.
VP Telkom Corporate Finance & Investor Relations Andi Setiawan said Telkom holds 100 percent of PT PINS Indonesia shares. Meanwhile, PINS owns 24 percent of Tiphone shares.
PINS is engaged in the business of integrating devices, networks, systems, processes and the internet of things (IoT). Its core business is to provide various technology, information and communication equipment, and IoT facilities.
“In addition to the ownership relationship, Tiphone is one of Telkomsel’s headset and voucher vouchers distributors,” he said in an information disclosure, quoted Tuesday (6/23/2020).
Andi explained that Telkom’s background in investing in Tiphone is to strengthen the company’s business ecosystem. The strengthening includes the support of smart phone penetration to accelerate the growth of digital businesses.
In addition, the existence of Tiphone supports the strengthening of credit voucher distribution channels in the Telkomsel business, another subsidiary of Telkom.
In general, there are two impacts of the risk of default on Tiphone’s financial obligations to Telkom, namely operational and financial impacts. However, operationally there is no significant impact considering there are still many other voucher vouchers distributors.
The trend of online pulse sales has also increased.
Meanwhile, financially, the impact is the potential for changes in the fair value of PINS on Tiphone.
Meanwhile, PT Indonesia Stock Exchange (IDX) suspended or temporarily suspended the securities trading show PT Tiphone Mobile Indonesia Tbk. (TELE) in all markets, both stocks and bonds.
In BEI’s disclosure of information, Head of IDX’s Corporate Valuation Division 2 Vera Floruida explained that the IDX’s decision refers to the announcement of PT Indonesian Central Securities Depository (KSEI) on 18 and 19 June 2020 regarding the postponement of principal and interest payments on TELE bonds.
In the announcement of KSEI No. KSEI-6667 / DIR / 0620 dated June 19, 2020, the company announced the postponement of the 12th principal and interest payment of the Tiphone THP 3 Year 2017 Series B. BKLJT Bonds.
In the announcement of KSEI No. KSEI-6621 / DIR / 0620 dated 18 June 2020, TELE announced the postponement of the third interest payment of the Tiphone II Phase II Sustainable Bonds in 2019.
“Then the Exchange decided to extend the temporary suspension of the Securities Trading (shares and bonds) of PT Tiphone Mobile Indonesia Tbk. (TELE, TELE01CCN2, TELE01BCN3, TELE02CN2) in all markets as of the Securities Trading Session I on June 22, 2020, “Vera wrote, Monday (6/22/2020).
Previously, the stock exchange had also temporarily suspended TELE securities trading on June 10, 2020 due to doubts over the continuity of the company’s business in the aftermath of special monitoring conducted by PT Pemeringkat Efek Indonesia (Pefindo).
Meanwhile, today, Monday (6/22/2020) Pefindo pinned an idSD or selective default credit rating for Tiphone Mobile Indonesia. In addition, the rating agency downgraded the 2019 Phase II Year II Sustainable Bonds from idCCC to idD.