Indonesian cellular operator Mobile-8 Telecom announced yesterday that its IDR550 billion (USD66.7 million) initial public offering (IPO) will take place between 7-9 March. The bond will be listed at the Surabaya Stock Exchange (BES) on 16 March, the company said in a statement, and proceeds will be used to pay off its USD58.3 million debt to Samsung.
According to TeleGeography’s GlobalComms database, Mobile-8 was set up at the end of 2002 and launched commercial services on 8 December 2003. It offers services under the brand name Fren. In 2004 it acquired three AMPS mobile operators — Komselindo, Metrosel and Telesera — which were failing in the face of competition from bigger rivals. Komselindo launched in 1995 and covered Jakarta, Sumatra, West Java and Sulawesi, Metrosel rolled out services that year in East and Central Java, while Telesera operated AMPS services in Bali, Kalimantan and Southern Sumatra. As at 31 December 2006 Mobile-8 Telecom was owned by PT Bimantara Citra (60.76%), Asia Link (6.04%), and Qualcomm (5.17%).