JAKARTA (TheInsiderStories) – Indonesian company, PT Tower Bersama Infrastructure Tbk (IDX: TBIG) ready to split it share with a ratio 1:5 to raise the liquidity in the market, said the company on Tuesday (10/08). The tower provider also considered to release sovereign bond with total amount US$650 million in this year.
Based on the disclosure information at the bourse, unit of PT Saratoga Investama Sedaya (IDX: SRTG), will requested permission from the shareholders on Oct. 30, said the finance director Helmy Yusman Santoso. For bond issuance, he stated, the proceeds will use to refinance the company’ debts.
As known, since 2018, the company is burdened by large loans. Tower Bersama’ debts recorded Rp19.88 trillion (US$1.40 billion) and gross debt RP12.70 trillion.
With the bond issuance, said Santoso, the operator can get financial resources to improve its performance in 2019. He adds, even though the company’ net profit had fallen sharply, the management had agreed to distribute a cash dividend of Rp600 billion. This cash dividend, he said, has been distributed on June 21.
On July 23, its parent Saratoga, an Indonesian private equity fund, spent Rp1.08 trillion to raise its ownership in the company. Then in Oct. 2, PT Wahana Anugerah Sejahtera sold more than 212.15 million shares or 5.69 percent of enlarged and paid capital in non-regular market.
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.
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 Saratoga elaborated, the company purchased 23.82 million TBIG’ shares 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.
Beside Saratoga, Tower Bersama shares owned by PT Provident Capital Indonesia, a local investment fund founded by Winato. Based on the tower operator data on June 30, Provident holds 25.52 percent and the remaining is public, which holds 45.04 percent.
Tower Bersama is a telecommunications infrastructure provider company for the placement of base transceiver stations by telecommunications operators in Indonesia. As end of March, the company founded by Edwin Soeryadjaja and Sandiaga Salahuddin Uno, owned 30.80 percent in the tower company through its subsidiary Wahana.
US$1 = Rp14,100
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