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espite delays in the asset valuation process, telecommunication infrastructure firm PT Tower Bersama Infrastructure said the acquisition of PT Mitrayasa Sarana Informasi (Infratel) would be completed before the third quarter of this year.

Tower Bersama chief financial officer Helmy Yusman Santoso told reporters that the asset valuation process was more than 90 percent finished and should be finalized this week.

“The process will be completed behind schedule because verifying assets of telecommunication tower companies is a bit time consuming,” he said in Jakarta on Monday. The valuation was originally planned to be completed in the second quarter.

He declined to disclose the value of the acquisition.

After the acquisition, Helmy said that Infratel, which operates 263 tower sites and 332 shelter-only sites, with an aggregate of 672 tenants, would become a wholly owned subsidiary of Tower Bersama, adding more than 10 percent to Tower Bersama’s revenue.

According to Tower Bersama data, the company had 3,610 tower sites across the country with 5,381 tenants as of June. The company prepared around US$120 million for capital expenditures, including acquiring other companies, for this year.

The acquisition will take Tower Bersama’s tenant count to 6,053 and number of sites to 4,205.

Helmy said the budget to acquire Infratel came from money raised in the company’s initial public offering (IPO) in October last year, which reached Rp 1.12 trillion ($130.57 million).

In the first half of this year, Tower Bersama, which is majority owned by Saratoga Capital and Provident Capital, booked a 57 percent increase in revenue to Rp 440.5 billion compared to the same period last year, according to the company’s interim first half financial statement.

Sandiaga S. Uno, a prominent businessman and commissioner in Tower Bersama, said the company’s businesses would enjoy hefty future growth as more people used cell phones.