Singapore Telecommunications (Singtel) announced on Oct 16 that its joint venture company, PT Telekomunikasi Selular (Telkomsel), which it has a 35% stake in, has entered into a sale and purchase agreement for the sale of 6,050 telecommunication towers to PT Dayamitra Telekomunikasi (Mitratel) for IDR10.3 trillion ($950 million).

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Under the agreement, Telkomsel has also entered into a 10-year lease arrangement with Mitratel for rental of tower space, which will take effect from the transfer of the respective towers to Mitratel.

The transaction is expected to be completed by 1Q2021.

Shares in Singtel closed flat at $2.17 on Oct 16.