Saratoga, Provident Sell Tower Bersama Shares (Asia)

Source: AVCJ  |  Author: Alvina Yuen

Indonesia-focused private equity firm Saratoga Capital and investment firm Provident Capital have sold a combined 4.4 percent stake in Indonesian telecommunications tower operator Tower Bersama Infrastructure on the Indonesian Stock Exchange. Saratoga and Provident collectively sold 210 million shares at IDR5,750 per share (approximately US$0.60) for IDR1.2 trillion (approximately US$125 million). Saratoga and Provident reportedly retain 16.76 percent and 23.85 percent stakes in the company, respectively.