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Sarana Menara seeks US$1.5 billion loans

JAKARTA: Djarum Group's subsidiary, PT Sarana Menara Tbk, seeks US$1.5 billion loans to fund tower acquisition this year.The telecommunication tower operator could not detail its capital expenditure requirements as it is still under calculation, said

JAKARTA: Djarum Group's subsidiary, PT Sarana Menara Tbk, seeks US$1.5 billion loans to fund tower acquisition this year.The telecommunication tower operator could not detail its capital expenditure requirements as it is still under calculation, said President Director Adam Gifari. To finance the acquisition, the company is tapping US$1.5 billion or IDR12.9 trillion loans from several financial institutions.Shareholders approved the loans. We can not detail the names.Also at that meeting, the company's shareholders also decided to not to hand dividend to strengthen its capital.The acquisition, he continued, is different from the procurement of 1,000 towers it conducts with PT Hutchison CP Telecommunications (Hutchison).On December 28, 2010, Sarana Menaras subsidiary PT Profesional Telekomunikasi Indonesia (Protelindo) sealed an agreement with Hutchison to acquire 1,000 towers worth US$110 million.On March 31, 2011, Protelindo acquired 217 towers worth US$23.87 million. The remaining 783 towers, worth US$86.13 million, are still under the process of acquisition and is expected to be completed in the end of 2012.Protelindo pocketed a loan facility amounted to US$250 million, last May, from 4 banks namely DBS Bank Ltd, Oversea Chinese Banking Corporation Ltd, Standard Chartered Bank, and The Royal Bank of Scotland N.V., Hong Kong.In 1Q/2011, the TOWR-coded company booked IDR151.25 billion net income, rising by 97.5% from IDR76.55 billion at the same period last year.Based on its first quarter's financial statement, companys total debt and equity reached IDR5.07 trillion and IDR1.38 trillion, respectively, making debt to equity ratio at 3.667 times.Rights issue cancelledShareholders' meeting also decided not to conduct non preemptive right issues as the company does not have specific plans for the potential proceeds.The operator, Gifari added, currently does not need new fund source. The company will focus on improving its portfolio this year to maintain its position as Indonesia's independent tower operator. (T05/NOM)

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