PT Tower Bersama Infrastructure Tbk (TBIG) plans to take over the telecommunications tower from PT Inti Bangun Sejahtera Tbk. The company will seek shareholders' approval for the acquisition plan by holding an Extraordinary General Meeting of Shareholders (EGMS) on March 9, 2021.

PT Tower Bersama plans to buy and take over as many as 3,000 telecommunication towers from PT Inti Bangun Sejahtera Tbk with a transaction value of Rp3.97 trillion. The value of this Proposed Transaction is 60.2 percent of the company's equity value based on the Company's Financial Statements as of September 30, 2020.

Based on IDX's disclosure of information, TBIG said the meeting was held together with the GMS. TBIG plans to distribute dividends to shareholders from retained earnings, which have not been determined by the end of 2019.

Based on the Articles of Association of the Company and with due observance of the provisions of the applicable laws and regulations. From the financial statements as of December 31, 2019, the company still has an undetermined profit balance of Rp1.54 trillion.

"The company intends to propose to the shareholders of the Company to approve the use of a portion of the Company's retained earnings which have not been determined as of December 31, 2019, to be distributed as cash dividends," said the official statement of TBIG.