SingTel denies its Telkomsel stake is for sale

SingTel has denied as ‘pure market speculation’ rumours that it is planning to sell all or part of its 35% interest in Indonesian mobile operator Telkomsel. Furthermore, the Singaporean firm confirmed it has had no contact with Setdco Group over the latter’s supposed bid for the stake. SingTel’s statement comes in the wake of a claim by the Indonesian group that it was interested in reclaiming its equity holding in Telkomsel. As reported in CommsUpdate yesterday, the Setdco Group reportedly announced its intention to buy back the company’s original stake in the Indonesian cellco with Setdco chief executive Setiawan Djody saying he had the support of major international financial firms in his bid.