JAKARTA: PT Gajah Tunggals global bondholders insisted the company to accelerate the payment of its bond coupon for US$435 million following the decision of the company to disburse dividends, Investor Daily reported, citing a research published by PT Mandiri Sekuritas.Bondholders saw a potential default because the disbursement of dividends on June 30 would reduce the companys cash. The company paid IDR41.8 billion in dividends or IDR10 per share. The figure represents 5% of the total net profits the bank gained in 2010, which came to IDR831 billion.Maria Renata, an analyst at Mandiri Sekuritas, said the company can pay both dividend and the bond coupon using its internal cash. As of March 31, 2011, the cash stood at IDR466 billion.Director Catharina Widjaja said that the company has not known yet about the demand of its bondholders. The company has never had a default.As earlier reported, the company planned to pay its debt for US$10 million. The same amount will be paid next year. The total debt would reach US$390 million by 2014. (NOM)
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