VIVAnews - PT Indosat Tbk (ISAT) is planning to sell and lease back 2,500 towers, or about 25 percent of Indosat's tower assets with the total sales of approximately US$519 million.
Indosat teams up with PT Tower Bersama Infrastructure Tbk (TBIG) and a subsidiary of PT Solusi Menara Indonesia. Meanwhile, the sales value of US$519 million will be divided to a down payment of US$406 million and a possible maximum deferred payment of US$113 million.
The down payment will consist of cash and new shares issued by TBIG. The shares will be issued based on the trailing market price prior to the closing of the sales, and are estimated to represent around 5 percent of the TBIG's total share capital of the new shares issued.
"We are delighted that we have signed the agreement which allows us to liquidate some of our non-core assets with good price," said President Director and CEO of Indosat, Harry Sasongko, in a statement on Wed, Feb 8.
Based on the terms and conditions, Indosat will lease the towers back for a minimum of 10 years by applying market prices. With this ownership assignment, Indosat will be able to save significant amount of capital and tower asset expenditures.
"Meanwhile, the payment received will be used for loan payment and capital investment," he said.
Moreover, Indosat has set up deal with Tower Bersama in line with Indosat's position as the anchor tenant.
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