STP looking to raise USD400m via share sale

18 Mar 2015

Indonesian tower operator Solusi Tunas Pratama (STP), which is backed by private-equity firm Carlyle Group, is looking to generate up to USD400 million through the sale of shares, in what industry watchers note could be Indonesia’s biggest sale so far this year. STP – the third largest tower leasing company in Indonesia – is already listed on the local bourse and sold a USD300 million, five-year bond on the international markets in January/February, becoming the second such Indonesian firm to tap into debt financing this year. According to people with knowledge of the matter, STP now intends to sell more shares in the market to institutional and retail investors, with the sale tentatively scheduled for the second quarter. The company now owns close to 6,000 telecoms towers in Indonesia, after it purchased 3,500 towers from mobile operator PT XL Axiata last year in an all-cash deal.

Indonesia