Deals
Indonesian Billionaire Brothers Are Turning Their Focus on Telecom
- Hartono brothers-owned Sarana sitting on cash pile for buys
- Company to bid for tower assets up for sale, Gifari says
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Indonesian billionaire brothers Michael Hartono and Budi Hartono, who built their fortunes by selling cigarettes and providing banking services, are now turning their focus on telecom.
PT Sarana Menara Nusantara, backed by Hartonos’ Djarum Group, is open to acquisitions to consolidate its leadership position in the cellular tower business, according to Vice President Director Adam Gifari. Sarana has cash or cash equivalent of about 2.3 trillion rupiah ($167 million) for any purchase, he said.