Indonesia’s second largest mobile telecommunication operator PT Indosat stands to raise up to $115 million by selling its 5 per cent stake in PT Tower Bersama Infrastructure, a telecommunication tower developer. The company plans to sell the 239.8 million shares it owns in Tower Bersama at Rp 5,000–Rp 6,000 apiece, which would generate Rp 1.2 trillion–Rp 1.4 trillion ($98 million–$115 million). Indosat will use the proceeds to pay back a portion of its Rp 4.77 trillion debt that is set to mature in June 2014 and other rupiah-denominated debts. Indosat acquired the ownership of the shares when it sold its 2,500 towers to Tower Bersama in August 2012 for $406 million; in return, Indosat received $333 million in cash and 5 per cent of the tower developer’s newly issued shares.
