IPO Followed by Djarum Acquisition: The Journey of SUPR Leading to Delisting
PT Solusi Tunas Pratama Tbk (SUPR) has announced plans to go private from the Indonesia Stock Exchange (BEI). Before exiting the stock exchange, this Djarum Group issuer has undergone several corporate actions.
SUPR’s journey in the capital market began with its initial public offering (IPO) in 2011 at a price of Rp3,400 per share. At that time, the company offered 100 million shares or 16.7% of the paid-up capital, with potential fresh funds of Rp340 billion.
In the IPO process, the company appointed PT Ciptadana Securities as the underwriter. The proceeds from the IPO were allocated 50% or Rp170 billion for expansion through the acquisition of telecommunications towers.
Additionally, 35% of the funds were used for building new towers and the remaining 15% for working capital. This step was taken to strengthen the company’s position as an independent telecommunications tower company.
Acquired by Djarum Group
Entering 2021, PT Sarana Menara Nusantara Tbk (TOWR), also part of the Djarum Group, officially acquired 94.03% of SUPR’s shares. The acquisition was carried out through the subsidiary PT Profesional Telekomunikasi Indonesia (Protelindo) with a transaction value of Rp16.73 trillion.
The transaction, which took place on 1 October 2021, was conducted at a price of Rp15,640 per share, higher than SUPR’s highest share price in September, which reached Rp14,000. TOWR’s management stated that the acquisition aims to expand the business network and strengthen Protelindo’s position as an independent tower operator in Indonesia.
Management also assessed that SUPR’s portfolio could complement Protelindo’s existing assets. With this synergy, the Djarum Group further strengthens its telecommunications infrastructure business in the country.
For information, the Djarum Group is controlled by conglomerates Robert Budi Hartono and Michael Bambang Hartono. This group owns several major companies such as TOWR, Blibli, Ranch Market, and PT Bank Central Asia Tbk (BBCA).
Ending with Delisting
Now, SUPR has announced plans to change its status to a closed company while removing its share listing from the BEI. The company will seek shareholder approval through an Extraordinary General Meeting of Shareholders (RUPSLB).
Management stated that the implementation of going private and delisting must follow the provisions in POJK 45/2024. This step is also related to the obligation to meet the minimum free float as per BEI Regulation No. I-A.
To date, the company admits it has not been able to meet the required minimum free float provisions. There is even a possibility that these provisions cannot be met during the specified transition period.
Based on a comprehensive evaluation of long-term business strategies, the company has decided to pursue going private and delisting actions. This step is also deemed able to improve asset management and operational efficiency through share ownership restructuring.
In the plan, the share buyback price is set higher than the average of the highest daily prices over the last 12 months, which is Rp42,295 per share. Protelindo will offer a price of Rp45,000 per share to public shareholders.