PT Profesional Telekomunikasi Indonesia ("Protelindo"), a 99.9994% owned subsidiary of PT Sarana Menara Nusantara Tbk. (IDX: TOWR), has received a loan facility in the amount of up to IDR 2,000,000,000,000 from PT Bank Negara Indonesia (Persero) Tbk. ("BNI") pursuant to a Facility Agreement signed on December 23, 2011 (the "Loan Facility"). Protelindo intends to use the proceeds of the Loan Facility to build and acquire telecommunication towers and related assets and to acquire ownership interests in tower companies.
"We are excited about this opportunity to strengthen our balance sheet by accessing the local Rupiah loan market at very attractive rates, especially given the intensive capital requirements of the tower industry," stated Adam Gifari, President Director of Protelindo. "We greatly appreciate BNI's continued support of our business and enhancing our ability to capture future growth in the Indonesian telecom tower market."
Protelindo is the largest independent owner and operator of telecommunication towers in Indonesia, with 5,982 towers as of 30 September 2011. Protelindo is engaged in the business of operating, building and leasing telecommunication towers and repeater stations to all major wireless operators in Indonesia. Protelindo is owned by PT Sarana Menara Nusantara Tbk, a publicly listed company on the Indonesian Stock Exchange under the symbol "TOWR".
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