Carlyle to pare down stake in Indo tower operator

Solusi Tunas Pratama is taking orders for shares despite a 2.6% drop in the Jakarta Stock Exchange Composite Index on April 29.

Books opened on Wednesday for the share sale of Indonesian telecom-tower operator Solusi Tunas Pratama, which is part-owned by US private equity firm Carlyle.

The secondary deal opened on April 29 following a 2.6% drop in the Jakarta Stock Exchange Composite Index, a drop partially spurred by the executions of eight foreigners convicted of drug offences in Indonesia.

Sources close to the deal say that despite the day's decline, demand has been strong for STP, the third largest tower leasing company in Indonesia. One fund manager told FinanceAsia that Singaporean sovereign wealth fund Temasek is believed to be one of the anchor investors.

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