Jakarta. Profesional Telekomunikasi Indonesia, also known as Protelindo, a telecommunication tower operator owned by the Djarum Group, plans to sell Rp 1.5 trillion ($115 million) worth of bonds on Nov.17-18, the company said in a statement on Friday (21/10).

The plan is part of a multiple years bond sale to raise Rp 6.5 trillion and will be issued in three tranches. 

In the first tranche, Protelindo will offer three series of bonds that mature in three, five and seven years.

The company expects to secure effective statement from the Financial Service Authority (OJK), the capital markets and financial sector regulator, on Nov. 16.

Protelindo's bonds will be listed on the Indonesia Stock Exchange (IDX) on Nov. 24.

The company operates more than 9,000 towers and 17,605 leasable sites on these towers. Its biggest client is Hutchinson 3 Indonesia, operator of the cellular network known as “3.” Telkomsel Indonesia and XL Axiata are also among its biggest clients.

Protelindo is owned by IDX-listed Sarana Menara Nusantara, which is in turn controlled by the Djarum Group.