Huawei buys 16.83% stake in Bakrie Telecom
The Indonesian subsidiary of Huawei has just purchased Bakrie Telecom through a bond conversion
Bakrie Telecom president, Anindya Novyan Bakrie said that the conversion would help improve Bakrie Telecom’s financial status since it has converted IDR 1.23 trillion (approximately USD 92.05 million) of its debt into shares.
In 2016 Bakrie Telecom issued a mandatory convertible bond worth IDR 7.6 trillion to restructure IDR 11.6 trillion worth of debt. "The mandatory convertible bond actually has a long tenor, but Huawei chose to convert it into shares. We welcome the decision", Bakrie said to the Jakarta Post.
Anindya Novyan Bakrie said: "Hauwei may place representatives on our board or commissions. It will be decided at the next shareholders meeting, but there has been no talk about it yet."