TOWR – Plans IDR5.49 tn rights issue

TOWR – Plans IDR5.49 tn rights issue Sarana Menara Nusantara (TOWR) plans to raise IDR5.49 tn through a rights issue by issuing up to 8.08 bn new shares at an exercise price of IDR680 per share. The rights issue, which may cause a maximum dilution of 13.91% for non-participating shareholders, entitles every holder of 619 existing shares as of 10 July 2025 to receive 100 Rights, each allowing the purchase of one new share. Dwimuria Investama Andalan, holding an 8.33% stake, will fully exercise its Rights and serve as standby buyer, while majority shareholder Sapta Adhikari Investama, with a 52.46% stake, will not participate. All proceeds from the offering will be used to increase TOWR’s ownership in its subsidiary, Protelindo. (Source : Bisnis Indonesia) Comment : Based on our calculations, the theoretical share price following the rights issue is IDR 568 per share.