JAKARTA. PT Tiphone Mobile Indonesia Tbk (TELE), a retail company selling mobile phones, has to pay off its Shelf Registration Bonds I phase III/2017 Series B that will mature soon, despite sluggish business due to the COVID-19 pandemic.
Semuel Kurniawan, Corporate Secretary of TELE, said the bonds will mature on 22 June 2020. Kurniawan explained that the management of TELE would pay off the bonds, using uncollected receivables.
"The company is currently in the process of collecting receivables from resellers," explained Kurniawan through information disclosure on the Indonesia Stock Exchange.
Previously, the Indonesian Rating Agency (Pefindo) had downgraded its rating for TELE to BB + with negative credit watch, mainly due to the cancellation of the issuance of Bonds II phase III/2020.
Kurniawan also said that until now, a number of TELE's outlets could not operate due to the implementation of Large-Scale Social Restrictions (PSBB) by the government. (KR/AR)