Dec 14, 2010

Djarum bags Rp4.7 trio from Sarana sale

The controlling shareholders of PT Sarana Menara Nusantara Tbk (TOWR), telecommunication tower provider company affiliated into Djarum Group, grabbed Rp4.76 trillion proceed during the acquisition of 396.89 million or nearly 38.9% shares to the investors.
During the information disclosure to Indonesia’s Stock Exchange (IDX) today, it was stated that two controllers of Sarana Menara, PT Tricipta Mandhala Gumilang (TMG) and PT Caturguwiratna Sumapala (CGS) disposed the shares of Sarana Menara through private placement at Rp12,000 per share.
Sarana Menara happens to be the holding company of telco tower provider, PT Profesional Telekomunikasi Indonesia (Protelindo).
Post the private placement, the share ownership of TMG and CGS in Sarana Menara decreased from 89% to 50.1%.
During such corporate action, Credit Suisse and CLSA acted as the selling agent of Sarana Menara.
The TOWR-coded stock were unchanged at Rp13,000 per share with Rp13.26 trillion of market capitalization, reflecting 21.63 times price to earning ratio. 

Disclosure: No position at the stock mentioned above.

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