Nov 24, 2010

TOWR picks Credit Suisse for placement

Indonesia’s publicly listed telco tower provider, PT Sarana Menara Nusantara, is reportedly to hold private placement. The company listed his shares on 8 March 2010.
An executive familiar with such matter said that the operator of base transceiver station (BTS) that affiliated to Djarum Group appointed foreign investment bank, Credit Suisse to arrange such corporate action.
“Sarana Menara has appointed Credit Suisse. Later on, the bank will arrange some details such as the shares proportion to be released, who will become the candidates and the buyers, as well as the stock price,” he said.
The Corporate Secretary of Sarana Menara, Haryo Dewanto was not immediately available when being contacted to his office in Jakarta or Kudus or even responding the email sent by Bisnis Indonesia daily.
Haryo replaced Arif Pradana as the company’s corporate secretary since 1 September 2010. Before such change, Arif said that his company will increase the number of towers from around 3,600 units to 5,000 units.
Sarana Menara recorded such a fantastic stock movement as it soared 534.15% during this fiscal year, from the early listing price at IDR1,050 to IDR12,000 per share in yesterday’s closing.

Disclosure: No position at the stock mentioned above.
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