Indonesia’s PT Bakrie Telecom Tbk said on Tuesday it had shareholder approval for a plan to sell its telecommunications towers, which could raise 380.22 billion rupiah ($34.48 million).
Bakrie Telecom said proceeds from the sale of 543 towers would go towards capital expenditure, which is set at about $200 million next year.
“The sales provide us not only with additional fresh funds but also flexibility for our financing needs,” president director Anindya Bakrie told a news conference, adding that the move was also in line with a recent telecommunication regulation.
Mobile phone operators are required to share the telecommunication towers of their base transceiver stations (BTS) to reduce the risk of spoiling the landscape.
Bakrie Telecom is owned by the family of Indonesia’s chief social welfare minister Aburizal Bakrie.
Read the full story in Reuters here.
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