Saratoga Capital Selling Tower Bersama Stake

Indonesia-focused private equity firm Saratoga Capital and two other investors have launched a sale of their 315 million shares in telecom tower firm PT Tower Bersama Infrastructure to raise up to 913.5 billion rupiah ($100 million), Reuters wrote Wednesday.

(Reuters) – Indonesia-focused private equity firm Saratoga Capital and two other investors have launched a sale of their 315 million shares in telecom tower firm PT Tower Bersama Infrastructure to raise up to 913.5 billion rupiah ($100 million), sources said on Wednesday.

 

Saratoga through its affiliate PT Saratoga Infrastruktur along with Natural Resources Investment Limited and an unnamed individual investor launched the share placing with a guidance range of 2,825-2,900 rupiah per share, a discount of 2.5-5 percent to Wednesday’s close, sources familiar with the sale said.

 

Saratoga Infrastruktur is the biggest shareholder in Tower Bersama with a 25.83 percent stake, before the sale, according to Thomson Reuters data.

 

Broker CLSA is a sole global co-ordinator and joint bookrunner with UBS while PT Indo Premier Securities become the placement agent, IFR reported earlier. ($1 = 9,155 rupiah) (Reporting by Fathiya Dahrul in Jakarta and Daniel Stanton from IFR in Singapore. Editing by Jane Merriman)