Impact of COVID-19 on PT Tower Bersama Infrastructure Tbk's Business
Jakarta, 26 March 2020 – As we continue to monitor the latest updates and information about the global COVID-19 outbreak, the management team at PT Tower Bersama Infrastructure Tbk (“TBIG”) are taking additional measures to ensure we safeguard the health of our employees and preserve our ability to operate.
The TBIG management team have identified areas which we consider critical to operate and have implemented our Business Continuity Plan (“BCP”). Within these areas, we have developed operational continuity plans in our teams to ensure we have sufficient resources to keep our operations running safely.
Effective the 16th of March 2020, those who can perform their jobs from home and do not have to be in our offices, have begun working from home to minimize any potential virus transmission between employees. This includes our 24-7 customer call center, where our employees now have remote access to the company's server and can work from home.
We have increased cleaning of common areas and provided hand sanitisers and antibacterial cleaning equipment at our offices. Since the 3rd of March 2020, we have had temperature screening prior to access to our office premises. We have also implemented business and personal travel guidelines and a mandatory 14-day quarantine of any employees who have travelled abroad. We have also shared the same expectations with our on-site service providers to also mitigate the risk of spread into our operations areas.
Some of our employees must visit customer sites for installations, service and repairs. Where possible, we are resolving customer issues remotely using virtual tools and technologies to minimize visits for our employees and our customers. Where a site visit is required, we require our employees to follow strict protocols to mitigate the risk of spread.
We are working with our suppliers' to ensure supply and delivery of raw materials (ie steel) to our sites. We are working with our local communities and government agencies using these strict protocols in order to obtain the requisite approvals to install our build-to-suit tower sites. We continue to closely monitor and assess the evolving situation and will be diligent about communicating with affected customers regarding timing or other issues resulting from this situation.
The Company’s revenues are exclusively based on 10 year non-cancellable contracts from our telecommunication customers. Therefore, we expect no impact on our top line from COVID-19 to our contracted revenue.
The Company has an extremely strong liquidity profile with a back-ended debt maturity profile. The Company successfully accessed both the USD and IDR bond markets with a USD $350 million 5 year bond in January of this year as well as new IDR 1.5trn IDR bonds earlier this week. In the next 12 months, the Company will repay all IDR 2.15trn in IDR bonds in full using our strong operational cashflows as well as the committed Revolving Credit Facilities we have in place.
We realize this situation remains very dynamic. We will continue to provide updates and take actions necessary to ensure our operations continue to run smoothly.
About PT Tower Bersama Infrastructure Tbk:
PT Tower Bersama Infrastructure Tbk (“TBIG”), is a provider of telecommunications infrastructure for the placement of BTS by telecommunications operators in Indonesia. TBIG is publicly listed on the Indonesian Stock Exchange and is majority owned by Saratoga Group and Provident Capital.
For more information contact:
Corporate Secretary:
Helmy Yusman Santoso – Tower Bersama Group
Telp. (62-21) 2924 8900
Email: corporate.secretary@tower-bersama.com
Investor Relations:
Veronica Jordan
Telp. (62-21) 2924 8900
Email: veronica.jordan@tower-bersama.com
