PT Tower Bersama Infrastructure Tbk Announces 2013 Interim Dividend
JAKARTA, 16 August 2013 - PT Tower Bersama Infrastructure, Tbk ("TBIG") today announced that its Board of Commissioners has approved the proposal of its Board of Directors to distribute a 2013 interim dividend of IDR 60 per share or equivalent to approximately IDR288 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 IDR10,840 billion and gross senior debt of IDR7,852 billion while cash balances were of IDR1,536 billion translating into net debt of IDR9,304 billion and net senior debt of IDR6,316 billion. Based on annualized EBITDA for the quarter ended 30 June 2013 of IDR2,136 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.
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. As of 30 June 2013, TBIG owns and operates 9,308 telecommunication sites serving 15,293 tenants. TBIG is publicly listed on the Indonesian Stock Exchange and is majority owned by Saratoga Group and Provident Capital.
