PT Sarana Menara Nusantara Tbk (TOWR), through its subsidiary, PT Quattro International, increased authorized capital and issued and paid-up capital to Rp120 billion and Rp108.5 billion, respectively.

Based on the company information disclosure published on Friday (12/3), Quattro increased its authorized capital from Rp100 billion to Rp120 billion. Also, Quattro increased its issued and paid-up capital to Rp108.5 billion from Rp92.5 billion.

"In this corporate action, PT Iforte Solusi Infotek (ISI), the controlling shareholder of Quattro, took all the new shares issued by Quattro, 160 thousand shares with a nominal value of Rp16 billion. Thus, the total ownership of Iforte shares will increase to 1,084,999 shares of Quattro or the equivalent of 99.99%," said the company's management.

The corporate action is an affiliated transaction because Quattro is a subsidiary that Iforte already owns. The increase and payment of capital also keep Iforte's ownership of Quattro above 99%.

The increase in Quattro's capital is expected to optimize Iforte's future performance to impact PT Profesional Telekomunikasi Indonesia (Protelindo) positively.

"This transaction is expected to have a positive impact on the company," said company management.

For information, Protelindo is a subsidiary of Sarana Menara Nusantara with ownership of 99.9997% shares. Iforte and Quattro are Sarana Menara's subsidiary companies with 99.99% ownership of shares owned directly and indirectly by Protelindo.