JAKARTA (TheInsiderStories) – Indonesian tower operator, PT Tower Bersama Infrastructure Tbk (IDX: TBIG) has sold more than 212.15 million shares or 5.69 percent of enlarged and paid capital in non-regular market on Wednesday (10/02). With price of Rp6,477 a share the provider its estimated to raise funds around Rp1.37 trillion (US$97.45 million).
The share sale through the local securities house, PT Mahakarya Artha Sekuritas and as the buyer is foreign company via PT Credit Suisse Sekuritas. The seller is one of the company shareholders, PT Wahana Anugerah Sejahtera.
After the transaction the ownerships of Wahana are lowering to 29.15 percent from previously 34.84 percent. Beside Wahana, Tower Bersama stocks hold by PT Provident Capital Indonesia 25.23 percent, public 39.63 percent and Credit Suisse.
No further details on the transaction. But recently, the operator has shown their interest to acquire PT Indosat Ooredo Tbk (IDX: ISAT). The tower sales is estimating need costs $300 million.
Wahana is the unit of PT Saratoga Investama Sedaya Tbk (IDX: SRTG), company founded by Edwin Soeryadjaja and Sandiaga Salahuddin Uno. On July 30, an Indonesian private equity fund, spent Rp1.08 trillion to raise its ownership in TBIG.
Sandi Rahayu, an official at the company elaborated, SRTG purchased 23.82 million TBIG’ at Rp4,000 each, made on July 23. While Wahana, bought the shares twice on July 19 and 23, with total amount 245.03 million shares at the same price.
Furthermore, Tower Bersama plans to issue unsecured global notes of up to $650 million. If it goes according to plan, the company will absorb the bond issuance proceeds for debt refinancing. The notes are due for a maximum of 10 years, while the maximum interest rate is 6 percent depending on the interest rates in the market.
As of first half 2019, the company has 26,713 rentals and 15,344 telecommunications sites. The company’s telecommunications site consists of 15,272 telecommunication towers and 72 DAS networks.
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