Excelcomindo sets out IPO plans

16 Sep 2003

Indonesia’s third largest cellular operator Telekomindo Primabhakti (Excelcomindo) is planning an initial public offering (IPO) in 2004, at which time it hopes to embark on a major network expansion project to close the gap on the country’s dominant players using part of the cash raised by an IDR1,250 billion (USD148 million) bond offering announced on Wednesday. Leading operator Telkomsel claimed 6.6 million subscribers at the end of March 2003, ahead of Satelindo with 3.27 million, while Excelcomindo lagged behind in third with 2.03 million.