PT Telekomunikasi Indonesia Tbk (Telkom) will dispose its subsidiary, PT Daya Mitra Telekomunikasi (Mitratel), through an IPO once the negotiation over the tower restructuring with Singtel completed.
Telkom comes with an option IPO for Mitratel certainly after restructuring at least 3,500 units of tower. Out of 9,000 Telkomsel’s towers, Mitratel has only restructured around 1,000 units. Mitratel IPO has become of the company’s main agenda, however, his company has not yet decided the amount of shares to be released. So far, Telkom, Indonesia's largest telco operator owns 22,000 units of tower.
Telkomsel manages and owns 20,000 units of tower. Mitratel will restructure around 9,000 units of Telkomsel’s towers.
Telkom at least should prepare IDR2.52 trillion-IDR3.78 trillion fund as compensation to Singtel particularly in restructuring its towers. Such measure should be taken since Telkom shall automatically own Telkomsel’s asset and Singtel suppose to earn the payment over this asset taking over. The amount of payment is based on Singtel’s stock ownership in Telkom that reach 35% and the tower’s price amounting IDR800 million-IDR1.2 billion per unit.
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