Telstra keeps Excelcomindo guessing

25 Mar 2004

Indonesian cellco Excelcomindo said yesterday that whilst it believed Australian telecoms giant Telstra had completed due diligence on buying a possible majority stake in the company, it hadn’t actually spoke to its potential suitor to confirm its intentions. A team from Telstra returned to Australia earlier this month after examining Excelcomindo’s finances without hinting at what the decision might be and the telco has remained tight-lipped ever since. Excelcomindo is controlled by PT Telekomindo Primabhakti, which has a 60% stake in the operator, with the remainder split between Nynex Indocel Holding Sdu (23.1%), Asia Infrastructure Fund Ltd (12.7%) and Japan’s Mitsui & Co (4.2%).