Jakarta, CNBC Indonesia – Saratoga Group’s telecommunications tower issuer, PT Tower Bersama Infrastructure Tbk (TBIG), through its subsidiary Tower Bersama, has acquired 3,000 towers belonging to PT Inti Bangun Sejahtera Tbk (IBST) worth Rp. 3.975 trillion or equivalent to US $ 280 million.
TBIG Director Helmy Yusman Santoso said that the transaction is expected to be completed by the end of the first quarter of next year, subject to fulfillment of the terms and conditions in the conditional asset sale and purchase agreement.
“The acquisition is stated in a conditional sale and purchase agreement (PJBB) on December 21, 2020, while Tower Bersama is 98% of its shares held by TBIG,” he said, in an information disclosure on the Indonesia Stock Exchange, Wednesday (23/12).
The acquisition of a maximum of 3,000 towers owned by Inti Bangun Sejahtera will allow the company’s tower portfolio to reach 19,000 telecommunication tower sites, which will soon generate higher revenue and EBITDA.
This sales transaction requires approval from the general meeting of shareholders because it is classified as a material transaction. Therefore TBIG will hold an extraordinary general meeting of shareholders to ask for the blessing of the shareholders.
In terms of performance, Tower Bersama posted a net profit of Rp 747.47 billion in 9 months this year or as of September, up 22.14% from the same period last year of Rp 611.96 billion.
The increase in net profit was in line with the company’s revenue which also rose to Rp 3.94 trillion, up 13.54% from the same period last year with Rp 3.47 trillion.
TBIG’s largest shareholder is PT Wahana Anugerah Sejahtera 35.61%, PT Provident Capital Indonesia 26.73%, while the rest is public 36.32%.
The remaining shares are held by individual investors including Winato Kartono and Edwin Soeryadjaya, senior officials from the Saratoga Group. The Saratoga Group, which is controlled by Edwin and Sandiaga Uno, has joined TBIG since 2004.
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