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Qtel arm inks $406 million tower deal.

ZAWYA DOW JONES

DUBAI

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
Words:179
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