Sarana Menara gains 29.5%

PT Sarana Menara Nusantara (TOWR) Tbk has kicked off the trading of its stocks on IDX this morning with 29.52% gain. But trading value was insignificant at Rp5 billion.

Sarana Menara is the parent company of PT Protelindo, the largest independent tower operator in the country. Protelindo expects to finalize the acquisition of almost 4,000 towers from PT Hutchison CP Telecommunications, operator of GSM service Three.

Sarana is the fourth company listed on IDX this year. The company raised Rp117 billion from the IPO of 112 million shares at Rp1050. Total issued shares is 1.02 billion. At Rp1360, Sarana has market cap of Rp1.39 trillion.

Other Top Gainers this morning are PT Latinusa (NIKL) Tbk (+19.57%) and RAJA (+10.34%), Multipolar (+9.09%), and of course Astra International (+5.71%).

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