Mobitel IPO set for 22-24 November

9 Oct 2006

According to the Jakarta Post, Indonesian mobile operator Mobile-8 Telecom (Mobitel) plans to issue 3.9 billion shares on the Jakarta Stock Exchange in late November to raise fresh funds for financing the expansion of its Code Division Multiple Access (CDMA)-based wireless network. ‘Mobitel is committed to increasing its mobile telephone capacity to 6.9 million in Java, Bali, Sumatra, Kalimantan, Sulawesi and Lombok,’ said Orias Petrus Moedak, a director of Danareksa Sekuritas, which is underwriting the initial public offering (IPO).

Upon completion of the IPO, Mobitel, which has raised its paid up capital to more than IDR1 trillion (USD107.5 million), will be 19.91% publicly owned, 60.76% owned by Bimantara, 6.03% by Asia Link, 5.17% by Qualcomm with the remaining shares held by institutional investors.

Indonesia, Mobile-8 Telecom