JAKARTA. PT Indosat Tbk (ISAT), the highest market cap telecommunication company in Indonesia, has finished a sale and leaseback of 4,247 telecommunications towers to PT EPID Menara Assetco.
The transaction worth IDR 10.47 trillion was completed after ISAT’s initiative was approved during the Extraordinary General Shareholders Meeting on May 11, 2021. “There are no material impacts on the company’s operational, law, financial, and business activities,” Billy Nikolas Simanjuntak, the Corporate Secretary of ISAT, assured.
As specified by idnfinancials.com earlier this May, ISAT and EPIC Menara Assetco had signed a sale and purchase agreement. In the information disclosure in Indonesia Stock Exchange, ISAT asserted its intention to use the money to accelerate the payment for several debts with interest, dividend distribution, and supporting its operational activities.
The payment would be transferred by EPID Menara Assetco at least June 30, 2021. Meanwhile, the lease agreement draft would be completed as soon as possible. (KR/ZH)