Sarana Menara Surges Over 7% as Djarum-Backed Telecom Giant Converts Legacy Debt into 10.86% Bakrie Telecom Stake

Caption: A telecommunications tower owned and operated by PT Sarana Menara Nusantara Tbk (TOWR). Photo: Special/Investortrust

JAKARTA, Investortrust.id — Shares of telecommunications infrastructure giant PT Sarana Menara Nusantara Tbk (TOWR) surged 7.46% on Wednesday morning after its key subsidiary took a significant 10.86% equity stake in PT Bakrie Telecom Tbk (BTEL).

The rally lifted TOWR stock to Rp 490 ($0.031) per share by 10:13 a.m. local trading hours in Jakarta, fueled by market reaction to the resolution of a decade-long legacy debt restructuring process.

The transaction resolves legacy counterparty liabilities for Protelindo, the operating engine of Djarum Group-controlled Sarana Menara, transforming unlisted debt instruments into liquid equity.

While the ownership change introduces new shareholding dynamics for legacy operator Bakrie Telecom, it reinforces Sarana Menara's disciplined balance sheet cleanup without diluting capital allocation away from high-yield tower and fiber-to-the-tower expansions.

Resolving a Decade-Old Debt Restructuring

According to regulatory filings submitted to the Indonesia Stock Exchange (IDX) on Wednesday, Aug. 26, 2026, Protelindo absorbed 4.84 billion BTEL shares, securing an immediate 10.86% voting stake.

Protelindo held zero direct equity in Bakrie Telecom prior to the transaction, executing the transfer strictly as an implementation of mandatory convertible bond (OWK) terms rather than a market purchase or repurchase agreement.

The equity issuance executed the formal terms of a court-approved composition plan dated Dec. 8, 2014, stemming from Bakrie Telecom’s commercial debt suspension proceedings (PKPU) at the Central Jakarta Commercial Court.

Core Infrastructure Focus Remains Intact

Management moved swiftly to assure institutional investors that the equity absorption will not divert executive bandwidth or balance sheet resources from main infrastructure operations.

Protelindo affirmed that the incoming stake carries no material operational or financial disruption to its day-to-day balance sheet.

"In executing its business strategy, the company remains focused on developing its core business activities and continues to selectively evaluate every business opportunity with due regard to the long-term interests of the company and stakeholders," the company stated in its official regulatory filing on Wednesday.

As the country's leading independent telecommunications infrastructure group owned and controlled by the Djarum Group, Sarana Menara reiterated that disciplined capital management and core tenancy growth remain its primary strategic priorities.