Shares of telco operator SmartFren, owned by Sinarmas Group, fell 2.6% to Rp75 per unit on Wednesday (Sep 23), trading at a market capitalization of Rp16.35 trillion, above second-largest telco operator Indosat (Rp10.62 trillion). FREN has fallen 46% year to date. While its peer, Telekomunikasi Indonesia (TLKM), has a market capitalization of Rp277.37 trillion. 

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