Bakrie Telecom to launch IDR3 trillion rights issue

Indonesian telecoms operator Bakrie Telecom has revealed plans to launch an IDR3 trillion (USD317.5 million) rights issue in March 2008, with shares set at IDR350 each, The Jakarta Post reports. The proceeds from the process will be used to fund a ‘massive network expansion’ designed to boost its subscriber base to 14 million users by 2010. Bakrie expects its earnings per share to triple over the next three years and will spend a total of USD600 million in capital expenditures over that period. The company reported 3.8 million users by the start of this year, up from 1.5 million a year earlier, and beating its own target of 3.6 million. It hopes to have signed up eight million users by end-2008.