SMN, the parent company of PT Profesional Telekomunikasi Indonesia ("Protelindo"), announced an increase in common stock ownership by its controlling shareholder, PT Sapta Adhikari Investama ("SAI"), from 32.8% to 48.8% of SMN’s total shares. SAI is an investment vehicle that is wholly owned by members of the Hartono Family ("Djarum Group"). According to SAI’s filing with the Indonesian Otoritas Jasa Keuangan, SAI bought approximately 1.63 billion TOWR shares at a price of IDR 4,000 per share through a series of transactions executed on November 29, 2017.
"This IDR 6.5 trillion investment shows Djarum Group’s strong commitment to SMN, confidence with the prospect of the business and resolves concerns of a potential share overhang as financial investors monetise their investments." Stated Ferdinandus Aming Santoso, President Director of SMN
SMN, thru its subsidiaries Protelindo and iForte, is the largest independent telecommunication infrastructure provider in Indonesia with nearly 15,000 towers leased by more than 24,000 tenants. SMN also owns and operates nearly 4,000 kilometers of fiber optic networks throughout Java. SMN is a public company listed on the IDX with a market capitalization of approximately IDR 40 trillion.