Indonesia’s biggest phone company by subscribers and revenues, PT Telekomunikasi Indonesia (Telkom), has announced plans to borrow up to USD400 million to buy out Singapore interests in its telephone tower business, which it then plans to list. Reuters reports that Telkom has arranged standby loans worth between IDR3 trillion and IDR3.5 trillion (USD332.7 million-USD388.2 million) from local banks, and will borrow an additional IDR3 trillion in June 2010 by issuing bonds to help finance its IDT7.8 trillion worth of debt maturing this year. The telco is gradually shifting its business focus towards high-profit data services to offset slowing subscriber growth as the region’s economy cools. However, to achieve this it needs to invest heavily in telecoms infrastructure – including towers – to realise these goals. The towers involved are currently owned by PT Telekomunikasi Selular (Telkomsel), Indonesia’s biggest mobile phone operator. Telkom owns 65% of Telkomsel and Singapore’s SingTel owns the remainder.