· Tower Bersama Infrastructures, a telecommunication infrastructure services provider owned by the Saratoga Group, will sell 755mn shares or 15.86% to the public next month, to be listed by October 26, 2010.. In addition, the company will also execute a private placement for 509.7mn shares owned by its shareholders, Provident Capital Indonesia and Wahana Anugerah Jakarta. The management of the company states that it plans to raise as much as Rp1.80tn from the sales of its shares.
· The company intends to raise funds to finance acquisition of telecommunication towers and to build new telecommunication sites. Until April 2010, the company owns 2,647 telecommunication sites and rents 4,048 in its portfolio.
· According to asset size, the company is roughly half the size of Sarana Menara Nusantara (TOWR, Rp6,400) which has Rp7.19tn in assets. However its gearing ratio stands at 2.1x compared to TOWR’s ratio at 0.82x.
· Underwriter for the IPO is UBS Securities and Indopremier Securities.
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