JAKARTA (Jakarta Post) : Bakrie Telecom on Wednesday announced plans to launch a Rp 3 trillion (about US$317.5 million) rights issue in March this year, with shares expected to be sold at Rp 350 each.
The company said the proceeds from the rights issue would be used to support a massive network expansion aimed at reaching the target of 14 million subscribers by 2010.
Through the rights issue, the company expects the earnings per share of the publicly listed company to triple in the next three years. It expects to spend a total $600 million in capital expenditures over that period.
According to the company, its total subscribers jumped from 1.5 million by the end of 2006 to 3.8 million as of January this year, exceeding the company's expectations of 3.6 million.
The company hopes to double the number of subscribers to eight million by the end of this year.
Its earnings before interest, tax, depreciation and amortization and its net profit jumped by 80 percent in 2007 from the previous year.
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