MORA - PT. Mora Telematika Indonesia Tbk

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JAKARTA. The collaborative project of cross-continent submarine communication cable network initiated by PT Mora Telematika Indonesia Tbk (MORA) and Hawaiki Submarine Cable Limited Partnership has been reportedly cancelled.

Henry Rizard Rumopa, Corporate Secretary of MORA, mentioned that this cooperation, which began in November 2021, is annulled as there has no agreement made between the company and Hawaiki regarding the contract value stated in the cooperation agreement.

“The collaborative project of cross-continent submarine communication cable system has not yet been initiated by the parties in question. Therefore, there has yet to be real and materialised working capital or operational costs,” explained Rumopa in information disclosure in Indonesia Stock Exchange (IDX).

For the record, Hawaiki is a company listed in New Zealand. In the cooperation agreement made in 2021, Hawaiki, alongside MORA, agreed to develop a submarine communication infrastructure that will connect Australia, Indonesia, Singapore, and United States.

Rumopa also mentioned that MORA has initiated several mitigative measures regarding the annulment of the contract or cooperation agreement. “The company is currently approaching other party to initiate another strategic partnership, a process that has entered its final stage,” he added.

According to IDNFinancials data, MORA booked revenue of IDR 1.24 trillion at the end of the first quarter of 2023, while scoring a net profit of IDR 196.76 billion. (KR/ZH)