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(Bloomberg) — PT Sarana Menara Nusantara is contemplating promoting a minority stake in its telecommunications tower unit PT Professional Telekomunikasi Indonesia and it’s up to $1 billion, according to others familiar with the matter.
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Professional Telekomunikasi, or Protelindo, as it’s called, is working with a financial advisor on promoting a 15% to 20% stake, said other people, who asked not to be known because the data is private. The potential sale is aimed at pensions and infrastructure funds, they said.
Shares of Sarana Menara Nusantara rose 4. 6% on Thursday in Jakarta, their biggest gain in more than a month, ending a seven-day losing streak and giving the company a market of around 47 trillion rupees ($3200 million).
Deliberations are ongoing and Sarana Menara Nusantara may not reach an agreement, other people said. Aming Santoso said in reaction to a Bloomberg News inquiry.
There has been a backlog of telecom infrastructure deals in recent years as the coronavirus pandemic has accelerated digitization trends. Protelindo homeowners would sign up for Globe Telecom Inc. in the Philippines, it plans to sell part of its tower portfolio for a deal that could be worth up to $1. 5 billion, while Supernap Thailand shareholders are working with a financial adviser to help find a minority investor in the company, Bloomberg News reported this month.
Founded in 2003, Protelindo is the largest independent owner and operator of towers for wireless communications corporations in Indonesia. The company owns and operates around 29,011 telecom tower sites with more than 54,580 tenants in Indonesia, basically in Sumatra, Java, Bali, Kalimantan and Sulawesi. , according to their website. Protelindo bought a 94% stake in rival company PT Solusi Tunas Pratama in October for about $1. 2 billion.
Sarana Menara Nusantara owns 99. 99% of Protelindo, while Santoso owns a single stake, according to the tower company’s most recent annual report. A unit of Djarum Group, Indonesia’s banking and cigarette conglomerate, owns 54. 4% of Sarana Menara Nusantara.
(Updates with the movement of shares in the third paragraph).
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