The company hopes to raise the funds in a rights issue of shares this month.
SMN is aiming to release 1.02 billion new shares in the non-preemptive rights issuance, which is equivalent to 10% of the company’s enlarged capital.
“We have yet to define who will be the strategic investors for the rights issuance. Therefore, we cannot announce the buyers of the new shares now,” Adam Gifari, SMN president director, said in a statement.
The funds will allow the company’s Protelindo subsidiary to build new towers, including approximately 2,000 additional units this year.
The company expects to have just under 10,000 towers nationwide by the end of the year.
The expansion plans also include the acquisition of a stake in Mitratel, the tower-provider unit of telecoms giant Telkom.
