Jun 20, 2011

TOWR scouts US$1.5 bio financing

Tower operator PT Sarana Menara Nusantara Tbk (TOWR), that is controlled by Djarum's Hartono family, is scouting a maximum of US$1.5 billion financing.
The financing will be used to bankroll takeover of 1,000 towers. TOWR, through its subsidiary PT Profesional Telekomunikasi Indonesia (Protelindo), has acquired 217 towers from Hutchison CP Telecommunications.
"The acquisition of additional 783 towers will be proceed," said President Director Adam Gifari after shareholders meeting today.
The operator expects to accomplish the acquisition by end of 2012. Sarana Menara, which is owned by children of two siblings of Djarum family's namely Michael Bambang Hartono and his younger brother Robert Budi Hartono, posted Rp151.26 billion net profit or Rp148 per share in 1Q 2011 from Rp76.56 billion or Rp78 per share.
The company booked 14.85% increase in operating profit to Rp196.17 billion from Rp170.81 billion, while revenue rose 13.08% to Rp369.05 billion from Rp326.37 billion.
Martin Basuki Hartono, son of Robert Hartono, is currently acting as the president commissioner at Sarana Menara.
Michael Hartono owns 24.55% stake in Sarana Bersama through PT Caturguwiratna Sumapala and Robert Hartono owns 25.55% stake in Sarana Bersama through PT Tricipta Mandhala Gumilang.
Loan facility
Protelindo obtained US$250 million loan facilities on May 3 2011 from a group of lenders consisting of DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank, and The Royal Bank of Scotland N.V., Hong Kong branch.
The company will use the new loan to refinance the existing facility of US$100 million previously obtained from Stewart Island Investment Pte Ltd and to pay fees and expenses and to fund acquisition of construction towers.

Disclosure: No position at the stock mentioned above.
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