Qtel arm inks $406 million tower deal.
ZAWYA DOW JONES
QATAR Telecom (Qtel) said on Sunday that its Indonesian subsidiary Indosat has closed a $406 million sale and leaseback deal for 2,500 towers with Tower Bersama Infrastructure.
"The cash proceeds from the transaction will be applied towards repayment of outstanding debt, on-going capital investment and general corporate purposes," Qtel said in a statement posted on Abu Dhabi bourse website.
The payment for the deal consists of a cash component and newly issued Tower Bersama Infrastructure shares representing 5 percent of its enlarged share capital, the statement added.
Indosat recently saw a rough second quarter this year as its change of approach to customers reduced subscribers and the weakening rupiah put pressure on its profits.
Indosat suffered Rp 148.5 billion ($15.7 million) in net losses in the April-June period, a 161.7 percent slump from the same period last year, as it suffered a Rp 522.3 billion foreign currency hit in the second quarter, the company announced recently.
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|Publication:||Qatar Tribune (Doha, Qatar)|
|Date:||Aug 6, 2012|
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