Telecommunication tower operator PT Inti Bangun Sejahtera (IBST) Tbk entered the stock market this week with market cap of Rp1.028 trillion. On Friday, Sept 7, the company’s ‘value’ has soared to Rp4.5 trillion, five times its equity as of March 31, 2012. What is the relationship between IBS Tower and tower assets stripped off from almost bankrupt Smartfren Telecom?

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