Indonesian towerco Nusantara Infrastructure is reportedly planning a Rp380bn (US$32.53m) rights issue to buy sites from the country’s second-largest mobile operator XL Axiata.
The group, which also builds and operates toll roads and ports, aims to…
Indonesian towerco Nusantara Infrastructure is reportedly planning a Rp380bn (US$32.53m) rights issue to buy sites from the country’s second-largest mobile operator XL Axiata.
The group, which also builds and operates toll roads and ports, aims to sell 10% of its enlarged capital to buy 300-500 towers, according to local reports citing CEO M. Ramdani Basri.
He was cited as saying it would seek shareholder approval for the move in September.
XL Axiata, owned by Malaysian telecoms giant Axiata, confirmed plans last month to offload some of its 8000-strong tower portfolio to reduce its debt burden.
Local towerco Tower Bersama recently said it would secure about US$1.8bn in debt to bid for the towers. Solusi Tunas Pratama, another infrastructure player, has also confirmed its interest, while rumoured suitors include Sarana Menara Nusantara and Inti Bangun Sejahtera.
Nusantara Infrastructure announced its entry into the tower market late last year, when it bought local private player Tara Cell Intrabuana through its Telecommunication Infranusantara unit. The company was unable to comment on the reports.
Indosat, Indonesia’s third-largest mobile operator in an eight-player market, has also been considering options for its 7500-strong tower portfolio.
