Published: 11 February 2022
Oslo, 11 February 2022. Reference is made to the press release issued 2 December 2021.
OPERATIONAL UPDATE AND RESTRUCTURING OF NET1 INDONESIA
As previously advised, the Indonesian Ministry of Communication revoked the frequency license as per 30 November 2021 due to unpaid frequency fees. Consequently, Net1 Indonesia suspended all network service as of midnight 30 November 2021. To date, the license issue has not been resolved and the network remains suspended.
On January 25, 2022, the Commercial Court at the Central Jakarta District Court (“Commercial Court”) granted an application submitted by one of the creditors of Net1 Indonesia,to declare Net1 in a state of temporary Suspension of Debt Payment Obligations (“PKPU”) for 45 days until March 10, 2022. This PKPU period is granted by the Commercial Court so that Net1 Indonesia can focus on reaching a debt restructuring agreement with all of its creditors (a “Composition Plan”), consisting of lenders, vendors and suppliers. If within the 45-day period no agreement has been reached on the terms of debt restructuring in the Composition Plan, then Net1 Indonesia’s creditors may agree to extend the PKPU period up a maximum of 270 days.
Net1 Indonesia has in December 2021 and January 2022 decreased its headcount to a bare minimum to support only administrative and technical network backhaul and critical maintenance until further clarity is reached.
Should the PKPU process not be solved, this will have severe adverse effect on the operation of Net1 Indonesia and for the group as a whole and it may not be possible to continue the operations of the group.
SHORT- AND LONG-TERM FINANCING
Uncertainty remains in respect of availability of both short-term and the long-term financing structure and requirements.
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