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.