Indonesian Tower Operator to Raise Funds for Network Expansion
Published on: 2nd Jun 2014
The Indonesian tower network owner, Sarana Menara Nusantara is seeking to raise USD332 million from shareholders to fund its network expansion plans.
The company has already announced plans to deploy around 2,000 additional towers this year, and is now seeking the funding for that.
The new shares being issued represent about 10 percent of its capital, according to a stock market announcement.
The funds raised will dilute the existing shareholder's stakes, but will be used by the holding company's subsidiary, Protelindo for the tower expansion.
Last year, the company built and acquired 1,286 towers, and has built 255 towers so far this year.
It expects to end the year with just under 10,000 towers nationwide.