Qtel agrees to up Indosat offer price, reports say

1 Dec 2008

Qatar Telecom (Qtel) has reportedly agreed to increase its offer price to raise its ownership in Indosat. Reuters writes that Indonesia’s capital market regulator reported Qtel’s decision on Friday, pushing shares in the mobile phone firm up 20%. Qtel is holding a tender offer to acquire more Indosat shares and is hoping to increase its stake to the maximum limit allowed under local law, 65%, after it bought a stake from Singapore Technology Telemedia for USD1.35 billion in June, which increased its ownership to 40.8% from around 10%.

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