Saratoga to sell part of Tower Bersama stake - report
Indonesia-focused Saratoga Capital has started the sale process for part of its stake in telecom tower business PT Tower Bersama Infrastructure, alongside two other investors.
The three investors - Saratoga's affiliate PT Saratoga Infrastruktur, Natural Resources Investment Limited and an unnamed individual investor - are seeking to sell 315 million shares, or 6.9% of the company, for $100 million, Reuters reported.
The stake will be priced at INR2,825-2,900 per share, sources familiar with the development said.
Launched in 2003, Tower Bersama Group is the second-largest independent tower company in Indonesia with 2,700 telecom sites serving over 4,000 tenants. It provides telecom infrastructure and site services to wireless Operators across the country.
The company listed on the Indonesian Stock Exchange in October 2010. Saratoga Infrastruktur is the biggest shareholder, holding 25.83% before the block sale.
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