Bakrie Telecom gets shareholder approval for tower sales

17 Dec 2008

Indonesia’s PT Bakrie Telecom said yesterday it has secured shareholder approval for a plan to sell off its telecoms towers, in a move that could net up to IDR380.22 billion (USD34.48 million) for the company. Reuters reports that Bakrie Telecom will use the proceeds from the sale of 543 towers to help fund its capital expenditure programme, which is set at about USD200 million next year. The low-cost mobile operator is targeting seven million subscribers in 2008 rising to 10.5 million in 2009 and expects more people to turn to lower-cost providers amid an economic slowdown. It reported 6.5 million subscribers at 30 September 2008, up 120% year-on-year.

Indonesia, Bakrie Telecom (BTel)