Sarana Menara Nusantara (TOWR.JK) Acquires 90% Shares of Solusi Tunas Pratama (SUPR.JK)

Sarana Menara Nusantara (TOWR.JK) Acquires 90% Shares of Solusi Tunas Pratama (SUPR.JK)

Photo: Sarana Menara Nusantara

PT Sarana Menara Nusantara Tbk. (TOWR.JK) reports that its subsidiary, PT Profesional Telekomunikasi Indonesia (Protelindo) has entered into a Sale and Purchase Agreement (SPA) with 14 (fourteen) shareholders of PT Solusi Tunas Pratama (SUPR.JK), representing 90% share ownership of SUPR.JK. The SPA was signed on 4 September 2021 after Protelindo had been named as the preferred bidder in a 4 (four) month tender process.

Subject to the fulfillment of all conditions set out in the SPA, the proposed acquisition is targeted to be completed no later than 20 (twenty) business days as of the date of the SPA. Thus, Protelindo will be the new controller of SUPR.JK. 

The Company reported that the purpose of the proposed acquisition is to develop and expand the Company's business network in order to strengthen the Company's position as an independent tower owner and operator to serve telecommunication companies in Indonesia. As of the first half of 2021, TOWR.JK has had 21,575 telecommunication towers. The revenue grew 7.88% yoy from IDR3.69 trillion to IDR3.97 trillion. The net income also increased 29% yoy from IDR1.3 trillion to IDR1.6 trillion.

Meanwhile, SUPR.JK has had more than 6,400 towers until the first semester of 2021. The revenue grew 10.75% yoy from Rp939 billion to Rp1.04 trillion. SUPR.JK also recorded a-82% increase yoy of its net income from IDR 117 billion to IDR 213 billion.

At the trading session on Friday, 3 September 2021, TOWR.JK and SUPR.JK shares closed at a level of IDR1,380 per share and IDR8,400 per share, respectively. Since this year, TOWR.JK share price has increased 40%, while the SUPR.JK share price has increased 97.6%.

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