JAKARTA, Indonesia—Indonesian Bank Restructuring Agency (BPPN) decided to sell the assets of Pacific Satellite Nusantara (PSN) and its subsidiary Asian Cellular Satellite (ACeS) to AAA Securities for US$206 million. The two companies entered BPPN because they cannot fulfill their obligations to creditors.
The U.S. NASDAQ stock exchange delisted PSN last November.
PSN, a diversified provider of fixed and mobile satellite communications, is focused on becoming a fully integrated provider of satellite–based telecommunications products and services in Asia, including the wholesale leasing of satellite capacity. Its new service, PASTI, a satellite-based fixed telephony offering that targets rural customers, launched last year.
AceS’ main service is a satellite-based mobile telecommunications system for voice and data services. ACeS is a joint venture company between Indonesia’s PSN, Lockheed Martin Global Telecommunications, the Philippines’ PLDT and Jasmine International. PSN and ACeS generated a combined revenue of US$2.22 million in 2001.
BPPN is a special agency established by the government in early 1998 to help rehabilitate the Indonesia national economy through the Government Guarantee Scheme, the Bank Restructuring Program and Corporate Loan Restructuring.
