PT Sarana Menara Nusantara is reportedly mulling options to sell a 15%-20% stake in its towerco PT Profesional Telekomunikasi Indonesia (Protelindo) and is asking as much as USD1 billion, according to people with knowledge of the matter. Bloomberg cites unidentified sources as saying the potential sale is targeting pension and infrastructure funds, adding that while talks are ongoing, Sarana Menara Nusantara could ultimately decide not to proceed with a deal. ‘The company is always looking for alternative funding through debt and equity, and both types of financing are under discussion’, Sarana Menara Nusantara and Protelindo President Director Ferdinandus Aming Santoso is quoted as saying in response to a query from Bloomberg News.
Protelindo is the largest independent owner and operator of towers for wireless communications companies in Indonesia. It owns and operates some 29,011 telecommunication tower sites with more than 54,580 tenants, primarily in Sumatra, Java, Bali, Kalimantan and Sulawesi. The towerco purchased a 94% stake in rival firm PT Solusi Tunas Pratama last October for about USD1.2 billion.