JAKARTA. PT Telekomunikasi Indonesia Professional (Protelindo), a subsidiary of PT Sarana Menara Nusantara Tbk (TOWR), purchased an insurance policy from PT Asuransi Jiwa BCA (BCA Life) for Rp 12.57 billion.
Irfan Ghazali, Corporate Secretary of TOWR, said that the purchase of the policy is to provide insurance protection to Protelindo Group employees and their families. "The transaction (policy purchases) is one way of Protelindo Group to manage financial risk," Ghazali said through information disclosure on Tuesday (2/7).
Ghazali added that the purchase of the BCA Life policy is considered as an affiliate transaction, because it has the same shareholders. "The company and BCA Life are indirectly owned and controlled by the family of Robert Budi Hartono and family of Michael Bambang Hartono," said Ghazali.
Because the value of the transaction does not reach 20% of the company's equity, this transaction is not a material transaction. For information, as of 31 December 2018, TOWR's equity was recorded at Rp 8.03 trillion. This means that the value of this transaction is only 0.15% of TOWR's total equity. (KR/AR)