Sarana Menara gains another 25%
PT Sarana Menara Nusantara (TOWR) Tbk gained another 25% in the first session of trading on Indonesia Stock Exchange (IDX) this morning to make a 133% gain in its third day of trading.
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.
Kicked off IDX its stocks trading on Monday, 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.