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Singtel JV company sells telecommunications towers for $950 mil

Felicia Tan
Felicia Tan10/16/2020 05:35 PM GMT+08  • 1 min read
Singtel JV company sells telecommunications towers for $950 mil
The transaction is expected to be completed by 1Q2021.
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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).

See also: Singtel's Chua Sock Koong to retire; Yuen Kuan Moon to succeed as Group CEO

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.

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