Owners of $5 Billion Tower Bersama Said to Weigh Stake Sale (1)

The two largest shareholders of PT Tower Bersama Infrastructure are exploring the potential sale of the Jakarta-listed telecommunications company, according to people with knowledge of the matter.

Private equity firm Provident Capital Indonesia and a subsidiary of investment company PT Saratoga Investama Sedaya have asked banks for proposals on a possible transaction for their stakes, said the people, who asked not to be identified as details are private.

Saratoga’s PT Wahana Anugerah Sejahtera owns 34% of Tower Bersama’s outstanding shares while Provident Capital holds 22%, according to data compiled by Bloomberg. The stakes are worth about 43.5 trillion rupiah ($3 ...