Djarum Group Eyes Expansion amid Tower Business Consolidation

Summary

PT Sarana Menara Nusantara Tbk (TOWR) is consolidating its telecommunications tower business to its subsidiary, PT Professional Telekomunikasi Indonesia (Protelindo). The Djarum Group entity provided Rp 110 billion worth of deposit to acquire the tower owned by its subsidiary, PT Komet Infra Nusantara (KIN). TOWR Corporate Secretary Irfan Ghazali explained that the deposit would allow Protelindo to consolidate telecommunication towers and profit from it.

"Protelindo and KIN have signed an agreement to provide a deposit related to the asset purchase plan on 7/1/2022," Irfan revealed in information disclosure on Wednesday. Protelindo and KIN will discuss the results of their due diligence to determine the number of towers or assets that will be the object of the transaction and determine the estimated initial purchase price for the towers.

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