Indonesian block trade

Tower Bersama block attracts strong demand, boosts free float

Three shareholders raise a combined $100 million from the sale of a 6.9% stake in the Indonesian telecom tower operator.
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Tower Bersama's infrastructure covers Java, Bali, Sumatra and Batam, and is expanding into Kalimantan and Sulawesi
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<div style="text-align: left;"> Tower Bersama's infrastructure covers Java, Bali, Sumatra and Batam, and is expanding into Kalimantan and Sulawesi </div>

Three existing shareholders, including Indonesian private equity fund Saratoga Capital, last night raised a combined Rp913.5 billion $100 million from the sale of shares in Indonesia’s Tower Bersama Infrastructure, an owner and operator of telecom towers across Indonesia. The block saw strong demand both from international and domestic investors, and was priced at the top of the range for a tight 2.5% discount.

The deal looked well-timed as the share price has rallied 63% from its low point in late September and is currently trading close to the record high of Rp3,000 that it reached just days after the company’s listing in Jakarta in October 2010. However, a source said...

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