JAKARTA: An infrastructure company on telecommunication tower, PT Tower bersama Infrastructure Tbk, has no plan to erode its debt this year achieving by US$275 million which is still at safe level.Meanwhile, until March 2011, its net debt to earnings before tax, depreciation, and amortization (EBITDA) achieved 2.3 times.Compared to other similar industries, the average of net debt to EBITDA is still lower by 5-7 times, Financial Director of Tower Bersama Helmi Yusman Santoso informed after a general meeting of shareholders yesterday.Then, its debt to equity ratio (DER) also stood at 130%. Thus, the company still has opportunity to gain higher loans, backed by low value of net debt to EBITDA and DER.Today, the company still has idle credit facility of US$75 million from UOB Singapore and Bank of Tokyo Mitsubishi.Previously, the company had signed a new evergreen credit facility of US$2 billion, of which it had tapped US$350 million, while the remaining debt will be used for increasing the number of tenants and tower sites.In the meantime, of total capital expenditure of US$120 million, about US$30 million had been allocated for adding 356 tenants and 266 new tower sites.Due to a bankruptcy petition submitted by CV Athena Tagaya and PT Trijaya Putra Lestari against its subsidiary, PT Solu Sindo Kreasi Pratama, Tower Bersama's operation bears no impact of it.Even, its net revenue soared by 130% in the first quarter of 2011 to IDR214 billion, while its net income also jumped by 156% to IDR118 billion.In addition, Tower Bersama will pay a dividend of IDR25 per share or IDR113.91 billion in total on June 28, 2011, which is equivalent with 34.86% of net income in 2010 at IDR326.7 billion. (T01/NOM)
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