Indonesia’s tower industry—once seen as a stable, utility-like business—is entering a new phase of strategic divergence. PT Tower Bersama Infrastructure (TBIG) Tbk, backed by Saratoga Group of Edwin Soeryadjaya, and PT Sarana Menara Nusantara (TOWR) Tbk, controlled by the Djarum Group of the Hartono family, remain the country’s two dominant independent tower operators. Yet, their latest earnings reveal how scale, diversification, and balance-sheet strategy are quietly redrawing the competitive landscape. To subscribe please click here
