Sep 27, 2010

Tower Bersama to issue 15.86% in IPO

PT Tower Bersama Infrastructure Tbk, a provider of telecommunication towers, is planning to issue 755 million new shares or 15.86% through an initial public offering (IPO) scheduled to take place on October 26, 2010.
In an IPO prospectus published today, it is stated that Tower Bersama is preparing a green shoe option, with 113.25 million shares to stabilize the price within 30 days after the IPO.
The additional shares for green shoe option belong to the shareholders of Tower Bersama, namely PT Provident Capital and PT Wahana Anugerah Sejahtera, holding 29.07% shares before the IPO.
Tower Bersama has appointed two underwriters, i.e. PT UBS Securities Indonesia dan PT Indo Premier Securities.
According to the plan, 30% fund gathered from the IPO will be utilized as the capital expenditure to support acquisition, while the rest will be allocated for constructing telecommunication towers in several sites. 

Disclosure: No position at the stock mentioned above. 

Print This Article


Philippe said...

Do you know where to access the IPO prospectus for Tower Bersama?

Insider Stories said...

Hi phillipe..sure...which part do you want to know?