Djarum Group Tower Company Owned By Hartono Brothers Conglomerate Takes Majority Of Shares Of Solusi Tunas Pratama, How Much Is It Worth?

JAKARTA - The plan of PT Sarana Menara Nusantara Tbk (TOWR) to take over the majority of the shares of PT Solusi Tunas Pratama Tbk (SUPR) will soon be realized. The reason is, on September 4, 2021, the subsidiary of the tower company owned by the Hartono Brothers conglomerate, namely PT Professional Telekomunikasi Indonesia (Protelindo) has signed a Sale and Purchase Agreement (PJB) of at least 90 percent of SUPR's shares.

In the disclosure of information on the Indonesia Stock Exchange website, quoted on Tuesday, September 6, TOWR's Corporate Secretary, Irfan Ghazali said, there were 14 parties who sold SUPR shares.

These include the two largest institutional investors in SUPR. The two are PT Kharisma Indah Ekaprima, the controlling shareholder which holds 25.6 percent and Cahaya Anugerah Nusantara Holdings Limited, which controls 25.51 percent of SUPR's shares.

The plan to take over the majority of SUPR's shares was carried out through a tender process that lasted for about four months. However, it is not yet known how much the transaction value for the acquisition of 90% of SUPR's shares will be.

"The takeover plan is targeted to be completed no later than 20 working days after the PJB date," said Protelindo's Corporate Secretary, Maya Marcella.

For information, rumors regarding TOWR's plan to annex SUPR have been circulating since June 2021. Many market players are aware of the plan.

However, at that time both TOWR and SUPR management were not willing to provide an explanation regarding the news of the outstanding acquisition plan.