Axiata unit to sell 3,500 towers to Solusi Tunas in RM1.5bil deal

Axiata unit to sell 3,500 towers to Solusi Tunas in RM1.5bil deal

Created on: Oct-08-2014   Published on: Oct-08-2014


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PETALING JAYA: Axiata Group Bhd’s Indonesian unit, PT XL Axiata Tbk, has picked PT Solusi Tunas Pratama Tbk (STP) over 14 others to sell a portion of its towers in a deal worth US$460mil (RM1.5bil), or 5.6 trillion rupiah, cash.

XL Axiata is selling 3,500 of its 8,000 towers in a deal signed yesterday. There are no immediate plans to sell more towers, however.

“We have not taken any decision with regard to the remaining towers,” XL Axiata vice-president of corporate communications Turina Farouk said from Jakarta in replies to queries from StarBiz.

Earlier, XL Axiata had been contemplating a flotation exercise of its tower business, but later opted to sell a portion of the towers to raise cash to pare down debts that had increased after it bought PT Axis Telekom Indonesia in March for US$865mil (RM2.82bil).

Sources said that of the 15 interested bidders for the towers, only STP was prepared to see through the process.

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Axiata Group Berhad is one of the largest telecommunications groups in Asia with over 250 million customers. Axiata’s vision is to be a regional champion by 2015 by piecing together the best throughout the region in connectivity, technology and talent, uniting them towards a single goal: Advancing Asia.