“The source fund of the buyback was generated from Metrodata’s cash as stated in its financial statement as per 30 June 2010, where the net cash derived from the operational reaching IDR70.6 billion,” said Metrodata’s Corporate Secretary Susanto Djaja today.
On its public announcement submitted to PT Bursa Efek Indonesia, he said that such sukuk could be sold again as contained in the mandatory agreement between the company and the bondholders.
Such Sharia bond, as Susanto added, was no longer receiving any fee ijarah from the company. Susanto explained that such buyback does not violate the mandatory agreement since it is 5% lower from the existing bonds.
The company has conducted the buyback on 21 September and the settlement date is 4 October. At the moment, the bond is still rated A3.id by PT Moody’s Indonesia.
For the record, Moody’s is no longer listed as one of a rating agency in Capital Market and Financial Institution Supervisory Agency (Bapepam-LK). (t02/wiw)
Source : http://web.bisnis.com/en/corporate/1id209615.html - Sept 22, 2010
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