Tower Bersama and Sarana are also declined to comment.

Saratoga owns shares in several Indonesian companies, such as miner PT Adaro Energy and tower operator PT Tower Bersama Infrastructure.

Saratoga owns shares in several major Indonesian companies, including coal miner PT Adaro Energy and PT Tower Bersama Infrastructure, a telecommunications tower operator.

About Tower Bersama Infrastructure Tbk PT PT Tower Bersama Infrastructure Tbk is an Indonesia-based company engaged in provisioning telecommunication infrastructure solution and services.

Whether or not the trend sustains depends on telecom tower operator Tower Bersama Infrastructure and power supplier Maxpower Group, which started investor meetings on Tuesday.

Saratoga Infrastructure is the biggest shareholder in Tower Bersama with a 25.83 percent stake, before the sale, according to Thomson Reuters data.