Jan 2, 2011

Protelindo acquires 185 towers

 Tower provider PT Sarana Menara Nusantara Tbk (TOWR) affiliated of Djarum Group, via its subsidiary PT Profesional Telekomunikasi Indonesia (Protelindo), has signed tower transfer agreement and master lease agreement with PT Hutchison CP Telecommunications (HCPT) on December 28 2010.
Sarana Menara Corporate Secretary Haryo Dewanto said under the transfer agreement, Protelindo has acquired 185 telecommunication towers from HCPT and hopefully completed the whole 1,000 towers at end of 2012. 
Protelindo recently secured the facility from ABN Amro Bank N.V., Jakarta branch, DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, and Standard Chartered Bank. They are acting as mandated lead arrangers. Royal Bank of Scotland Plc and PT Bank Central Asia Tbk act as facility agent and common security agent.
Two controlling shareholders in Sarana Menara, PT Tricipta Mandhala Gumilang and PT Caturguwiratna Sumapala, both as affiliated of Djarum Group, disposed 39% stake in Sarana Menara at Rp12,000 per share or Rp4.76 trillion.
Both sellers had placed the stake to several institutional investors such as PT Schrodes Investment Management and T. Rowe Price, Sarana Menara's managemenet, and affiliated parties.
Post private placement, Tricipta Mandhala controls 25.55% stake and Caturguwiratna Sumapala holds 24.55% stake, while public investors own 49.90%. 

Disclosure: No position at the stock mentioned above.  

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