Jul 24, 2010

Tower Bersama eyes US$200 mio IPO

Base transceiver station provider PT Tower Bersama eyes US$200 million of proceed from initial public offering (IPO). Tower Bersama has revealed its plan to list shares to Indonesia Stock Exchange (IDX).
IDX Director Eddy Sugito said Tower Bersama plans to use April's financial report as a base of the IPO scheduled in November 2010.
Tower Bersama is 29% owned by investment company PT Saratoga Investama Sedaya which is controlled by Indonesian businessman Sandiaga S. Uno and Edwin Soeryadjaya, son of William Soeryadjaya, founder of PT Astra International Tbk.Eddy Sugito said Tower Bersama IPO is arranged by two underwriters PT Indo Premier Securities and PT UBS Securities.
Tower Bersama aims to offload 15%-20% shares into the market with the target proceed of US$200 million.The company also plans to seek loan facility worth US$200 million-US$300 million to refinance its debt.

Disclosure: No position at the stock mentioned above.

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