Qtel ties off Indonesian acquisitions

23 Jun 2008

According to reports in The Peninsula newspaper, Qatar Telecom (Qtel) yesterday completed the purchase of Indonesia Communications Limited (ICLM) and Indonesia Communications (ICLS), which hold a combined 40.8% interest in the telecoms operator Indosat. Under the terms of a previously announced share purchase agreement with STT Communications, a wholly owned subsidiary of Singapore Technologies Telemedia, legal ownership of the shares of ICLM and ICLS has been transferred from Asia Mobile Holdings to Qtel upon the closing of the acquisition. Qtel may now be required to commence a tender offer to acquire outstanding shares of Indosat (including American Depositary Shares), it said, and is holding talks with the Indonesian Capital Market and Financial Institution Supervisory Board to clarify the position vis a vis the country’s mandatory tender offer rules.

Indonesia, Indosat Ooredoo (incl. IM2), Ooredoo Qatar