Indonesia's second largest cellular operator by subscribers PT Indosat Tbk has entered a sale and leased agreement of 2,500 towers worth US$519 million with PT Tower Bersama Infrastructure Tbk (TBIG) and its subsidiary PT Solusi Menara Indonesia.
In an official statement filed to Indonesia Stock Exchange today, the 2,500 towers are counting 25% of Indosat's total towers. The payment is consisting of downpayment of US$406 million and differed payment of US$113 million.
The downpayment will be done by Tower Bersama by a combination of cash and new shares issuance as much as 5% of total shares.
Indosat has agreed to lease the towers for 10 years at the market price.
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