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Wednesday 31 March, 2021

Ooredoo Q.P.S.C.

Ooredoo Group latest announcements

RNS Number : 0989U
Ooredoo Q.P.S.C.
31 March 2021
 

For immediate release

30 March 2021

 

Ooredoo Q.P.S.C.

 

Ooredoo Group Announces USD750 million Deal for Sale of More Than 4,200 Telecoms Towers in Indonesia

 

· Transaction is Important Milestone in Ooredoo's Strategy to Deliver Sustainable Growth

· One of the largest transactions of its kind in Asia, supporting Indosat Ooredoo's growth momentum

 

---Doha, Qatar, 30 March 2021: Ooredoo Q.P.S.C. ("Ooredoo" or the "Group") - Ticker: ORDS today announced that its Indonesian operating company, PT Indosat Tbk. ("Indosat Ooredoo"), has signed a sale and leaseback agreement with PT EPID Menara AssetCo ("Edge Point Indonesia") for more than 4,200 telecommunications towers.

 

PT EPID Menara AssetCo is an Indonesian subsidiary of Edge Point Singapore, which is wholly owned by Digital Colony, a leading global digital infrastructure investor with extensive experience owning and operating cellular towers.

 

Indosat Ooredoo has agreed to sell this portfolio of towers in a transaction valued at USD 750 million, including a supplementary offer, making it one of the largest deals of its kind in Asia. The sale will unlock capital to create value for shareholders and continue to build Indosat Ooredoo's strong growth momentum through improvements to network performance and the launch of innovative new digital solutions to enhance the customer experience.

 

The sale is part of Ooredoo Group's strategy to move to a more efficient and flexible asset light model and unlock the trapped value of its infrastructure portfolio. Prior to this deal, Ooredoo had a global portfolio of approxatimely 27,000 owned towers, representing an infrastructure portfolio of significant value for the Group. Monetising these assets to create more value for both shareholders and customers is a key focus of Ooredoo's current strategy.  

 

Aziz Aluthman Fakhroo, Managing Director of Ooredoo Group, said: "Congratulations to Indosat Ooredoo on this sale and leaseback agreement with Edge Point Indonesia, which aligns perfectly with our new strategy and its focus on creating more value for shareholders and customers. This strategy incorporates a shift towards an asset-light model that will help us unlock significant capital and enable us to focus on our core mission of delivering outstanding digital and enterprise services to our customer base. I extend our gratitude to the Government of Indonesia for its progressive policies that leave a positive impact on the industry, its operators and its people."

 

Edge Point Indonesia was declared the winning bidder of a competitive tender process conducted by Indosat Ooredoo. The transaction is expected to close in Q2 2021 subject to customary conditions, including shareholder approval by Indosat Ooredoo at an EGM, which is planned to be held on May 6th. Indosat Ooredoo will lease back space on the towers for a period of 10-years to meet its ongoing requirements.

President Director and Chief Executive Officer of Indosat Ooredoo, Ahmad Al Neama, added: "I am delighted that Indosat Ooredoo has agreed this deal, which furthers our strategy to create more value from our infrastructure assets. The deal marks the third and final sale of assets from our high-quality tower portfolio and continues our transition into a leading digital telecoms company. We are confident the leaseback agreement, with its attractive terms, will continue to meet our ongoing tower needs, while the capital that we have unlocked will provide further fuel to power our growth momentum. Indosat Ooredoo and Edge Point Indonesia will work closely together going forward and build a strong and long-lasting strategic partnership."

 

J.P. Morgan acted as financial advisor to Indosat Ooredoo throughout the transaction.

 

 

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About Ooredoo

 

Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers the leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.

 

Ooredoo generated revenues of QAR 29 billion as of 31 December 2020. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.

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