JAKARTA (TheInsiderStories) – PT Tower Bersama, unit of tower company, PT Tower Bersama Infrastructure Tbk (IDX: TBIG), has acquired 3,000 towers from PT Inti Bangun Sejahtera Tbk (IDX: IBST) for Rp3.97 trillion (US$281.91 million), the management announced by the director, Helmy Yusman Santoso, yesterday. The transaction is expected to be completed by the end of the first quarter of 2021.
After the acquisition, total towers owned by the unit of Saratoga Group to reach 19,000 telecommunication tower sites. Recently, the operator has issued global bond with total valued of $700 million. The notes has a term of 10 years with a maximum fixed interest rate of 6 percent per annum.
The provider need fresh funds to pay its obligation and the subsidiary’ debts, such as TBG Global Pte. Ltd., PT Gihon Telekomunikasi Indonesia Tbk (IDX: GHON), PT Visi Telekomunikasi Infrastruktur Tbk (IDX: GOLD), PT Telenet Internusa, PT United Towerindo, PT Solusi Menara Indonesia, and PT Menara Bersama Terpadu.
In September, Tower Bersama also issue local bonds Rp700 billion. These bonds are part of an ongoing public offering with a total target fund of Rp7 trillion and has received an AA- rating from the Fitch Ratings. The bond have two series with a one and three years tenure.
All of the proceeds used to repay part of a portion of the existing debt of its unit, PT Solu Sindo Kreasi Pratama, worth of Rp700 billion. The bond have a fixed interest rate of 8.4 percent per year and will mature on Sept. 19.
But according to the director of Tower Bersama, Helmy Yusman Santoso, the issuer did not carry out the share buyback caused focused on the debt refinancing. On March 23, 2020, the issuer was planning to buy back its shares on the secondary market.
While, its parent PT Wahana Anugerah Sejahtera, the unit of private equity firm, PT Saratoga Investama Sedaya Tbk (IDX: SRTG), has sold 175 million shares or equivalent to 0.78 percent of fully shares and paid up capital of the tower operator around Rp224 billion. Before sold the unit’ shares, the venture capital firm had spent Rp1.08 trillion 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.
Santoso optimistic that it can print double-digit growth in revenues, EBITDA and net profit next year. In the first nine month, Tower Bersama posted a net profit of Rp747.47 billion, up 22.14 percent from the same period last year amounting to Rp611.96 billion. The revenues also rose 13.54 percent to Rp3.94 trillion compared to last year of Rp3.47 trillion.
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