Indonesian telecoms tower operator Sarana Menara Nusantara (SMN) is looking to raise USD332 million via a rights issue of shares this month to finance its network expansion in the country. The company says it will issue 1.02 billion new shares on a ‘non-preemptive rights’ basis, which is equivalent to around 10% of SMN’s enlarged share capital. The monies will be used to allow its subsidiary Protelindo to begin building new mobile towers across the country, including 2,000 new units in 2014. SMN is targeting a total of almost 10,000 towers nationwide by the end of the year, with the expansion plan also set to include the planned acquisition of a stake in Mitratel, the tower-provider unit of domestic telco Telkom Indonesia.
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