Tower Powerhouse Solusi Tunas Pratama to Go Private in $2.8 Billion Djarum Group Consolidation

JAKARTA, Investortrust.id — The Indonesian telecommunications landscape is bracing for a major structural shift as tower giant PT Solusi Tunas Pratama Tbk (SUPR) prepares to exit the public markets. PT Profesional Telekomunikasi Indonesia (Protelindo), the operating arm of tower titan PT Sarana Menara Nusantara Tbk (TOWR), has officially launched a voluntary tender offer to take the company private.

Protelindo is offering public shareholders Rp 45,000 ($2.83) per share, representing a significant premium over its last closing price of Rp 42,295 ($2.66). The move marks the endgame for SUPR’s public listing after years of struggling to meet the Indonesia Stock Exchange’s (IDX) strict liquidity rules.

The delisting of SUPR signals a tightening of the Indonesian tower sector, where the Djarum Group—one of the nation's wealthiest conglomerates—continues to consolidate its grip on digital infrastructure. For global investors, this exit reduces the number of tradable "pure-play" tower assets in Southeast Asia's largest economy. It also underscores the regulatory pressure from the IDX regarding "free float" rules, which mandate a minimum percentage of shares be held by the public to ensure market liquidity.

The Free Float Fail

Management confirmed on Monday that the decision to delist was driven by an inability to meet the IDX’s minimum free float requirements. Despite various attempts to increase public ownership, the company remained heavily concentrated in the hands of its parent.

Protelindo originally acquired a 94.03% stake in the company back in October 2021 for Rp 16.72 trillion ($1.05 billion). Following subsequent market actions, Protelindo’s ownership surged to 99.96%, leaving virtually no room for public trading and putting the company in the crosshairs of exchange regulators.

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Timeline to Exit

The road to delisting begins in earnest next month with an extraordinary general meeting of shareholders set for May 20. If investors grant their blessing, the company expects to receive an effective statement from the Financial Services Authority (OJK) by June 11.

The official tender offer period for the remaining public shares is slated to begin on June 15. The final purchase price was determined using OJK’s standard valuation formulas to ensure fairness for the minority holders caught in the transition.