Two of Indonesian towerco Solusi Tunas Pratama’s (STP) shareholders plan to sell a combined 30% stake in a private placement to improve its liquidity.
Investment firms Kharisma Indah Ekaprima and Cahaya Anugerah Nusantara currently own 43.2% and 25.51%…
Two of Indonesian towerco Solusi Tunas Pratama‘s (STP) shareholders plan to sell a combined 30% stake in a private placement to improve its liquidity.
Investment firms Kharisma Indah Ekaprima and Cahaya Anugerah Nusantara currently own 43.2% and 25.51% of the group, respectively, according to a stock exchange filing.
They hired Deutsche Bank and JP Morgan to carry out the private placement of roughly 356 million shares by Q2 2015.
It comes soon after local investment firm Kharisma Putra Prima exited the towerco after selling its 14.86% stake, about 169 million shares, for a total Rp1.18trn (US$91.2m).
Meanwhile, the Wall Street Journal has reported that STP, which is partly owned by private equity firm Carlyle, is looking to raise up to US$400m in a share sale that could be Indonesia’s biggest so far this year.
Carlyle bought into the group in 2012 to mark its first direct investment in southeast Asia.
STP became Indonesia’s third-largest operator of telecom towers in October 2014 after buying 3,500 towers sites from local mobile player XL Axiata. It recently launched a US$300m bond to help refinance a US$790m bridge loan that backed that deal.
