Sarana Menara will hold an extraordinary shareholders meeting on May 20 to get shareholders approval of the plan. (Antara Photo/Joko Sulistyo)

Sarana Nusantara Seeks $316m From Private Placement

BY :FARID FIRDAUS

APRIL 14, 2016

Jakarta. Sarana Menara Nusantara, a telecommunications tower operator controlled by Djarum Group, plans to raise Rp 4.18 trillion ($316 million) from selling 10 percent of its enlarged capital to private investors.

The company plans to use the proceeds to increase capital in one of its units Profesional Telekomunikasi Indonesia, Sarana Menara said in a statement on Wednesday (13/04). The company will sell 1.02 billion new shares at Rp 4,105 a piece, the average price of its shares in the last 25 trading days.

Sarana Menara's shares opened unchanged on Thursday (14/04) at Rp 4,140 at Indonesia Stock Exchange.

The unit, known as Protelindo, bought 2,500 telecommunication towers from XL Axiata, the country's second largest mobile operator by subscribers, for Rp 3.56 trillion. Financial close of the deal should conclude by June 30.

Sarana Menara will hold an extraordinary shareholders meeting on May 20 to get shareholders approval of the plan.

The company has yet to identify prospective buyers of the new shares.

Djarum Group now controls 32.72 percent in Sarana Menara through special purpose vehicle Sapta Adhikari Investama. The public holds the remaining shares.

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