Doha, Qatar, 26 March 2014: Ooredoo Q.S.C. - Ticker: ORDS.QA today announced that its subsidiary, PT Indosat Tbk. (“Indosat”), the leading Indonesian mobile operator, has agreed to sell its remaining 5% of shares in PT Tower Bersama Infrastructure Tbk. (“TBIG”) for a total consideration of USD122 million.

239,826,310 of TBIG’s issued and paid up share capital were placed via an accelerated book build offering to institutional investors with Merrill Lynch (Singapore) Pte Ltd Acting as the sole placement agent and CLSA Singapore Pte Ltd as the co-lead manager, at a sale price of IDR5,800 per share.

The proceeds of the sale will be used to optimize Indosat’s capital structure, a key delivery for the company’s strategic goals for 2014.  The sale completes the equity divestment process begun in August 2012 when Indosat completed a sale and leaseback agreement with TBIG.  Under the terms of the agreement, Indosat sold and leased back 2,500 of its towers, 25% of its tower infrastructure, for a total consideration of USD541.7 million.  As part of the consideration, the upfront payment included the initial sale of 5% of TBIG equity for USD102.9 million.

 

Dr Nasser Marafih, Group CEO of Ooredoo Group, said, “Indosat’s exit from PT Tower Bersama frees up capital to deploy in the business, paying down outstanding debt, supporting our on-going capital investment plans in Indonesia and for general corporate purposes.  Our exit has generated value and also means that Indosat can focus increasingly on the marketing and delivery of our products and services in the dynamic Indonesian telecoms market.”

 

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