May 7, 2012

Sarana Menara 1Q profit drops 50.29%

Telecommunication tower operator PT Sarana Menara Bersama Tbk (TOWR), affiliated of cigarette maker Djarum Group that is controlled by Hartono family, today reported a 50.29% drop in net profit for the first 3 months of this year as a result of other losses of Rp62.22 billion.
In the first quarter financial statement filed to Indonesia Stock Exchange (IDX) today, Sarana Menara posted Rp75.19 billion net profit in 1Q 2012 from Rp151.26 billion in 1Q 2011.
Operating profit increased 37.51% to Rp269.76 billion from Rp196.17 billion, while gross profit rose 34.38% to Rp319.80 billion from Rp237.98 billion.
TOWR booked a 30.47% increase in revenue to Rp481.50 billion from Rp369.05 billion.
TOWR is controlled by Hartono family via PT Tricipta Mandhala Gumilang and PT Caturguwiratna Sumapala with 24.55%, and public shareholders with 49.90% stake.
Private placement 
In December 2010, two controlling shareholders in Sarana Menara launched a 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 offering price is 8,33% discount from today’s market closing of Sarana Menara at Rp13,000 per share. 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).
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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