Telkom is in negotiations to transfer ownership of the towers from its mobile subsidiary, PT Telekomunikasi Selular (Telkomsel), to its telecom-infrastructure subsidiary, PT Dayamitra Telekomunikasi (Mitratel).
The government’s “negative investment list,” or DNI, doesn’t allow foreign ownership of telecommunications infrastructure. Since Singapore’s SingTel owns 35% of Telkomsel, Telkom has to transfer ownership of the towers to a wholly owned subsidiary.
Telkomsel has a total of about 22,000 towers, of which as many as 9,000 of them will be managed by Mitratel. The remainder are core towers that can’t be shared.
Based on the construction cost, each tower was valued at Rp800m to Rp1.2 bn ($88,690 to $133,000). That would make the total value of the 9,000 towers somewhere between Rp7.2 trillion and Rp10.8 trillion. Operational telecom towers were worth more than their construction costs. For a single tower, it may cost Telkom $200,000 to $500,000. That would mean Telkom may have to spend up to $4.5 billion to acquire all 9,000 towers
Telkom plans to float Mitratel on the Indonesia Stock Exchange (IDX) once the towers are consolidated under its ownership. However there are no details yet on the timing of the listing.
This year, Telkom has allocated $2 billion toward capital expenditure to finance its expansion, which may include acquiring a CDMA business and buying additional telecom towers. It is planning to raise Rp4 trillion on the bond market.
Comment: Acquisition of towers by Telkom will mean higher than forecasted capex in short term. Once Mitratel is listed, it should release cash. On 1Q10 performance, we expect Telkom to disappoint as fixed line is declining rapidly while Telkomsel has been late in sms promotions and thus this would have effected its subscriber acquisition.
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