Government mulls buying back Indosat stake from STT

1 Aug 2005

The government of Indonesia says it is contemplating plans to increase its holding in the country’s second largest telco, PT Indosat, by buying back shares it sold to Singapore Technologies Telemedia (STT) in 2002. The state is keen to increase its presence in ‘strategic state enterprises, including Indosat’, writes the Jakarta Post. Vice President Jusuf Kalla, who is reputedly known for his pro-nationalist views on business ownership, confirmed the plan saying, ‘I haven’t heard any plans from STT to raise its stake in Indosat. On the contrary, the government is now calculating should the foreign owner [STT] in the company sell its stake’.

Indonesia, Indosat Ooredoo (incl. IM2)