Shareholders sell $125 million of stock in Tower Bersama

The Indonesian operator of telecom towers attracts strong demand and the block is both upsized and priced at a tight 0.9% discount.
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Tower Bersama operates more than 6,000 telecom towers
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<div style="text-align: left;"> Tower Bersama operates more than 6,000 telecom towers </div>

For the second time this year, two of the controlling shareholders in Indonesia’s Tower Bersama Infrastructure sold down their stakes in the company last night, raising Rp1.207 trillion $125 million.

Indonesian private equity firm Saratoga Capital and Karya Investments, which is a unit of Provident Capital, took advantage of a strong share price performance in recent months to satisfy calls by other investors for better liquidity in the stock. Since their previous placement in March, the stock is up 95% and yesterday it jumped 6.4% to a new record close of Rp5,800.

Despite that, there was a big appetite for the shares, which allowed the bookrunners...

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