Indonesian telecom firm Indosat to exit minority stake in Tower Bersama
Telecommunications services provider PT Indosat is eyeing the sale of its minority stake in telecommunications tower firm PT Tower Bersama Infrastructure (TBIG), according to Indosat finance director Stefan Carlsson. The company is aiming to sell the said stake by next year's first quarter as share prices have been up, wrote the Jakarta Post.
Indosat acquired the stake when it sold 2,500 telecom towers to Tower Bersama in 2012. The towers were sold for a total of $406 million in combined cash and newly-issued shares in the tower operator. Carlsson said the company was pursuing the stake sale to gain more focus on its core business, the report added.
Although Indosat's revenues increased by 9.4% year-on-year to IDR17.8 billion ($1.46 million) in the first three quarters of 2013, the company posted a net loss of IDR1.7 trillion due to a foreign-exchange loss, the report detailed.
Carlsson said the firm's option to sell its remaining 7.500 towers remained open. He added that the towers are worth around $165,000 each, the Jakarta Post quoted him in its report.