JAKARTA (TheInsiderStories) – PT Wahana Anugerah Sejahtera, unit of private equity firm, PT Saratoga Investama Sedaya Tbk (IDX: SRTG), sold 175 million shares or equivalent to 0.78 percent of fully shares and paid up capital of tower operator, PT Tower Bersama Infrastructure Tbk (IDX: TBIG). The parent directly holds 99.85 percent of Wahana shares.
Based on the current price at Rp1,278 a share, the estimated value of these transaction around Rp224 billion (US$15.44 million). Before sold the unit’ shares, the venture capital firm had spent Rp1.08 trillion (US$74.48 million) to increased the portion of its ownership at the unit since early of 2020.
On July 23, Saratoga purchased 23.82 million shares of Tower Bersama at Rp4,000 a unit. While Wahana bought the shares twice on July 19 and 23, with total amount 245.03 million shares at the same price.
After the transaction, the ownerships of Wahana slightly dropped to 32.96 percent from initially 33.74 percent. The rest was hold by PT Provident Capital Indonesia 26.73 percent, Winato Kartono 0.63 percent, Edwin Kartono 0.63 percent, Edwin Soeryadjaya 0.33 percent, other parties and public 36.58 percent.
This year, Saratoga allocated fund $100 million and looking the companies in the consumption and hospital sectors. The public listed company has owned Awal Bros Hospital. Beside, the company will focus on companies that have been invested.
The company also boosts performance in its portfolio companies. PT Adaro Energy Tbk (IDX: ADRO) has acquired 80 percent of Rio Tinto’ shares in Kestrel coal mining, Australia with a value of $2.25 billion. Other subsidiary, PT Mitra Pinasthika Mustika Tbk (IDX: MPMX) has also divested its lubricating assets to Esso Petroleum Company and ExxonMobil Corporation. The unit gets fresh funds of $436million from the divestment.
Then, PT Merdeka Copper Gold Tbk (IDX: MDKA) is in the process of acquiring an Australian natural resource company, Finders Resources. Saratoga also plans to buy back shares to push back the company’ stock price.
Tower Bersama focused on the construction of central communications, telecommunications installations, and telecommunications activities with cables. The Company, through its subsidiaries, started its commercial activities in 2004.
As of June 30, 2020, Tower Bersama had 31,039 rentals and 15,893 telecommunications sites. This telecommunications site consists of 15,772 telecommunication towers and 121 distributed antenna system networks. With a total leasing rate of 30,918 telecommunications towers, the company’s collocation ratio will be 1.96, up from 1.85 at the end of 2019.
The company’ CEO, Hardi Wijaya Liong, said the operator organically added 2,517 gross rentals, consisting of 370 telecommunications sites and 2,147 collocations during first semester of 2020. At the same period, the company earned a net profit of Rp510.48 billion, surging 33.58 percent compared to last year, which was valued at Rp382.14 billion.
Tower Bersama’ revenue increased 13.2 percent to Rp 2.57 trillion from the same period last year of Rp 2.27 trillion.
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