IFR Asia reported Monday (Sept 7) that shareholders of PT Sarana Menara Nusantara (TOWR) Tbk, a company controlled by Djarum Group, have raised US$342.5 million from the placement of 164.2 million shares at a fixed price of Rp20,000 each. That reflects PE multiple 79 on annualized first half earning per share (EPS). Unbelievable!

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