Northstar Group said to weigh exit from Indonesia’s Centratama Telekomunikasi

Singapore-based PE firm Northstar Group is said to be planning to sell its stake in listed telecom tower company Centratama Telekomunikasi Indonesia, according to people familiar with the matter.

Northstar has not started an official process, however, the PE firm has been approaching various parties to look for potential buyers since last year.

Centratama Telekomunikasi operates in the telecom towers space and provides leasehold and management for base transceiver station (BTS).

The PE firm holds 38.8% stake in Centratama Telekomunikasi through an SPV, Clover Universal Enterprise, which is under Northstar Equity Partners III, as reported by local media in 2013.

Northstar entered Centratama Telekomunikasi through a backdoor listing move. It acted as the standby buyer of the rights issue conducted by Centratama which was valued an IDR 677.86 billion ($48 million).

According to Centratama’s 2018 annual report, the agreement for this rights issuance plan was signed since 2012. Centratama then acquired the telecom tower company Retower Asia using the proceeds from rights issue.

Due to this investment timeline, the PE firm is being more active in looking for an exit plan from Centratama.

Northstar declined to comment on this information. Centratama did not respond to a request seeking comment.

People familiar with the matter said, local telecom tower companies such as Sarana Menara Nusantara, the parent company of Protelindo, could be potential candidates for Centratama’s stake. Sarana Menara is backed by Djarum Group, owned by Indonesia’s richest tycoon Budi Hartono.

In March 2018, Sarana Menara Nusantara acquired 100% stake in Indonesia’s Komet Infra Nusantara for IDR 1.05 trillion, according to a local media report. Komet Infra has over 1,300 towers and more than 1,800 tenants, owned by listed company Nusantara Infrastruktur.

Northstar has also invested in Indonesia’s ride hailing company GOJEK, minimarket chains Indomaret, Singapore-based APAC Realty and engineering manufacturing company Innovalues.

In August 2018, an Italy-based consumer credit service provider announced its acquisition of 19.9% stake of BFI Finance which was owned by Northstar Group and Indonesian businessman Garibardi Thohir, through a consortium named Trinugraha & Co.

 

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.