Shareholders sell $125 million of stock in Tower Bersama

For the second time this year, two of the controlling shareholders in Indonesia’s Tower Bersama Infrastructure sold down their stakes in the company last night, raising Rp1.207 trillion $125 million.

Indonesian private equity firm Saratoga Capital and Karya Investments, which is a unit of Provident Capital, took advantage of a strong share price performance in recent months to satisfy calls by other investors for better liquidity in the stock. Since their previous placement in March, the stock is up 95% and yesterday it jumped 6.4% to a new record close of Rp5,800.

Despite that, there was a big appetite for the shares, which allowed the bookrunners...