Dayamitra Telekomunikasi (Mitratel), the tower unit of state-owned Telkom Indonesia, accelerated its expansion by raising funds in an IPO which Nikkei Asia reported could amount to as much as IDR24.9 trillion ($1.8 billion).
The tower company is running an IPO roadshow until 4 November, with the listing expected on the Jakarta stock exchange later in the month, the newspaper reported, adding executives explained the majority of the funds will go to infrastructure acquisitions, including 6,000 sites not held by the Telkom group.
Mitratel investment director Hendra Purnama reportedly revealed plans to look at fibre, IoT and other 5G-supporting assets, with Abu Dhabi and Singaporean sovereign wealth funds among the key investors.
After acquiring 4,000 towers [1] in September from Telkomsel, which is 100 per cent owned by Telkom Indonesia, the tower company’s holdings increased to 28,000 sites across Indonesia.
[1] https://www.mobileworldlive.com/asia/asia-news/telkomsel-offloads-additional-towers-to-mitratel
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