Ooredoo Q.P.S.C. (“Ooredoo”) - Ticker: ORDS announced that PT Indosat Tbk. (Indosat Ooredoo), a leading digital telco in Indonesia has signed Sales and Purchase Agreements (SPAs) with each of PT. Dayamitra Telekomunikasi (Mitratel), and PT Profesional Telekomunikasi Indonesia (Protelindo), which have been declared the winning bidders of a competitive tender process for the sale by Indosat Ooredoo of 3,100 telecommunications towers. The transactions are subject to customary closing conditions including shareholders’ approval of the company’s EGMS in November 21, 2019. Mitratel has been awarded 2,100 towers and Protelindo has been awarded 1,000 with a total transaction amount of IDR 6.39 trillion approx. QAR 1,644 million. The respective transaction considerations are all in cash to be paid fully at closing. Closing of each transaction is anticipated to take place before the end of the year.
Indosat Ooredoo will simultaneously enter into a 10 year lease with each buyer for space on the sale towers at transaction closing.
Sheikh Sauod bin Nasser Al Thani, Group Chief Executive Officer of Ooredoo said: “We are pleased with the signing of these agreements, which will deliver significant benefits to all involved parties. Two of Indonesia’s leading tower providers will lease these high quality tower portfolios back to Indosat Ooredoo on attractive terms. Monetising some non-core assets at a fair valuation will allow Indosat Ooredoo to unlock value of a portion of their tower business in order to speed up the execution of their strategy.”
Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers the leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.
Ooredoo served 115 million customers and generated revenues of QR 30 billion as of 31 December 2018. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.