Dec 9, 2010

Sarana Menara sets Rp4.7 trio placement

Two controlling shareholders in telecommunication tower provider PT Sarana Menara Bersama Tbk (TOWR), affiliated of cigarette maker Djarum Group, today has launched a total US$528 million private placement, arranged by two placement agents Credit Suisse (Singapore) Limited and CLSA Singapore Pte Ltd.
Based of  indicative summary terms and condition of the shares placement, PT Tricipta Mandhala Gemilang  (TMG) and PT Caturguwiratna Sumapala (CGS), 45% and 44% holders in Sarana Menara respectively, intend to offer 396.89 million shares or representing 39% of total outstanding in Sarana Menara at Rp12,000 per share or Rp4.76 trillion or US$528 million.
The base deal size is up to 277.09 million ordinary shares or 27% holding in Sarana Menara at Rp12,000 or US$368 million.
The offering price is 11.1% discount from today's market closing of Sarana Menara at Rp13,500 per share. on December 8 2010. Based on the condition, both sellers will be locked-up during 180 days.
Post private placement, TMG and CGS are estimated to control 50.1% holding in Sarana Menara, 9%-15% will be held by management, management of advisors, and affiliates, and the remaining will be owned by retail financial and portfolio investors. 
Sarana Menara, via its wholly owned subsidiary PT Profesional Telekomunikasi Indonesia (Protelindo),  few days ago announced a memorandum of understanding to acquire 1,000 towers at US$110,000 per tower or US$110 million from PT Hutchison CP Telecommunication (HCPT).
Djarum related
Based on TOWR's September financial statement, Martin Basuki Hartono is President Commissioner at Sarana Menara.
Martin Basuki is son of Robert Budi Hartono (first generation of Djarum family with  Michael Bambang Hartono). Martin Basuki has two brothers Victor Hartono and Arman Budi Hartono.

Disclosure: No position at the stock mentioned above. 

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