Qtel launches offer for further Indosat shares, studying new regulations

4 Jul 2008

Qatar Telecom (Qtel) has submitted a tender offer to acquire all outstanding ‘B’ shares of Indosat, following its purchase last month of a 40.8% stake in the Indonesian cellco. The tender offer includes American Depositary Shares, but excludes those held by existing controlling stakeholders, according to online newspaper The Peninsula. The Qatari incumbent is aiming to take around a 60% interest in Indosat, and is studying recent changes to Indonesian regulations to ensure there are no potential obstacles to its plans. The Middle East group’s CEO Nasser Marafih said: ‘We understand under the new regulations, a mandatory tender offer is triggered on acquisition of 50% interest or the capability to determine, directly or indirectly, the management and policy of the target. We are working closely with our advisors to understand the new regulations…and will liaise with the relevant authorities to ensure our tender offer complies.’ He added: ‘As the controlling and single largest shareholder in Indosat, we have begun meeting with management to identify the immediate benefits Qtel can deliver to Indosat and its shareholders, for example, in the area of international procurement.’

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