Sarana Menara plans $333m rights offering to aid expansion

The Jakarta Post - Publicly listed telecommunications tower operator Sarana Menara Nusantara plans to raise Rp 3.86 trillion (US$331.83 million) from a rights shares offering next month to finance its expansion plans, which includes building 2,000 new towers this year.

Sarana Menara aims to release 1.02 billion new shares in the non-preemptive rights issuance, which is equivalent to 10 percent of the company’s enlarged capital, according to the statement it submitted to the Indonesian Stock Exchange (IDX) website on Wednesday.

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