Saratoga, Provident sell Tower Bersama shares - report
Saratoga Capital and Provident Capital have reportedly sold a combined 4.4% stake of Tower Bersama Infrastructure, an Indonesian telecom tower business, through a private placement that fetched as much as IDR1.2 trillion ($125 million).
The 210 million shares were sold at IDR5,750 apiece, representing a 0.9% discount to the last closing price on Thursday. According to IFR, Karya Investments - a subsidiary of Saratoga Capital and Provident - launched the trade at a base deal size of $75 million before it increased the offering size.
CLSA Capital Partners and UBS acted as joint book-runners for the placement, while Indo Premier Securities was said to be the placement agent.
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 2010. Saratoga and Provident are the two biggest shareholders, holding 16.76% and 23.85%, respectively.
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