Indosat Confirms Plans to Sell Shares in Tower Network Owner
Published on: 17th Mar 2014
By: Ian Mansfield
Indonesian telco Indosat says that it is looking to raise Rp1.39 billion (USD122 million) from the sale of its stake in Tower Bersama Infrastructure (TBIG).
Indosat owns 5 percent of TBIG as the result of a sale of towers to the company in 2012 when it took shares as part of the purchase price.
It recently suggested that it would put the shares up for sale, and has now confirmed that via a stock market announcement.
The company has also signed a new 10 year lease agreement with TBIG to remain the anchor tenant on the 2,500 towers it sold to the company two years ago.
The funds from the shares sale will be poured into the network's previously announced upgrade works.