Hartono Brothers' Sarana Menara Nusantara To Raise $586M To Expand [Forbes]
PT BANK CENTRAL UNSP/ADR (PBCRY)
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Source: Forbes
Sarana Menara Nusantara, operator of cellular towers controlled by Indonesian billionaires R. Budi and Michael Hartono , plans to raise up to 9 trillion rupiah ($586 million) through a rights issue. Sarana Menara submitted a filing to the Indonesia Stock Exchange on Tuesday saying it will seek shareholder approval for a rights issue at a meeting on October 25. The filing said Sarana Menara will issue a prospectus providing details on the use of funds and the offering price, though it did not specify when the prospectus will be released. But the company said in the filing Tuesday that the money will be used to repay debt of its subsidiary Profesional Telekomunikasi Indonesia (Protelindo) and provide working capital The company is expanding to meet growing demand for cellular towers driven by the internet boom in Indonesia, Southeast Asia's largest economy. In a strategic move, Protelindo's subsidiary iForte Solusi Infotek acquired a 90% stake in Inti Bangun Sejahtera for 3.4 tri
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