SMN, the parent company of PT Profesional Telekomunikasi Indonesia (“Protelindo”), a member of the Djarum Group, has been requested by an existing shareholder to assist with a proposed international private placement of such shareholder’s shares in SMN. On 6 February 2017, SMN’s Board of Directors received a request for assistance letter from one of its shareholders, Tiger Global Investments, L.P., to take the customary steps in connection with a potential transaction involving the sale of not less than 4.9% of the shares in SMN owned by Tiger Global Investments, L.P.
The SMN board of directors has agreed to grant the request, provided that the board is satisfied that SMN will benefit from the completion of the proposed transaction by, among other things, increasing liquidity in the trading of its shares on the IDX due to the an increase of free float of the SMN shares and increasing the visibility of SMN and Protelindo in Indonesia and overseas.
Protelindo is a wholly owned subsidiary of SMN and is the largest independent tower company in Indonesia with approximately 14,500 towers. SMN is a publicly listed company on the IDX with market capitalisation of approximately IDR 34 trillion, with 32.7% of the shares owned by the Hartono family.
The shares have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder. The potential transaction is expected to be made under compliance with Rule 144A and Regulation S under the US Securities Act of 1933, as applicable.
This press release is not an offer to sell or a solicitation of any offer to buy securities in the Republic of Indonesia and does not constitute as a public offering under Law No. 8 of 1995 regarding the Capital Market and its implementing regulations (the “Indonesian Capital Market Law”). The securities may not be offered within the territory of the Republic of Indonesia or to Indonesian citizens using mass media (which includes newspapers, magazines, film, television, radio and other electronic media, letter and brochures as well as any printed matter) or offered to more than 100 Indonesian parties and/or sold to more than 50 Indonesian parties or Indonesian residents, wherever they are domiciled, whether in or outside Indonesia within a certain time, in a manner which constitutes a public offering under the Indonesian Capital Market Law.
TO COMPLY WITH THE FINANCIAL SERVICES AUTHORITY & INDONESIAN STOCK EXCHANGE REGULATIONS, ATTACHED IS THE DISCLOSURE OF INFORMATION TO THE COMPANY’S SHAREHOLDERS. (CLICK HERE)