Mobile-8 telecom sets IPO price at IDR225 per share

20 Nov 2006

According to reports in the Jakarta newspaper Antara News, Indonesian wireless operator Mobile-8 Telecom will price its initial public offering of 3.9 billion shares at IDR225 (USD0.02) per share, valuing the stake at around USD95.74 million. The shares on offer represent 19.91% of the firm’s enlarged capital. The IPO is slated to start on Wednesday and will run for two days. Shares will be listed on the Jakarta Stock Exchange on 29 November 2006. Mobile-8 Telecom, a 75.87%-owned subsidiary of local conglomerate Bimantara Citra, will use 57% of the proceeds to expand its CDMA-based cellular network on the islands of Java, Lombok, Sumatra, Kalimantan, and Sulawesi. The rest will be for working capital. Bhakti Securities, CIMB-GK Securities Indonesia and Danareksa Securitis have been appointed as lead underwriters for the IPO.

Indonesia, Mobile-8 Telecom