Qtel looks to buy outstanding Indosat shares

26 Jun 2008

Qatar Telecom (Qtel) could spend up to USD1.05 billion to increase its stake in Indonesian telco Indosat to 65%, as part of a mandatory offer for the company, Bloomberg reports. Earlier this month Qtel completed the purchase of Indonesia Communications Limited (ICLM) and Indonesia Communications (ICLS), which held a combined 40.8% interest in 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 was transferred from Asia Mobile Holdings to Qtel upon the closing of the acquisition. The Doha-based company will complete a general offer in 30 days, at a price of IDR7,388 (USD0.80) per share.

Indonesia, Indosat Ooredoo Hutchison (IOH), Ooredoo Qatar