Mediacom sells 32% in troubled telco Mobile-8

20 Jan 2009

Indonesian firm PT Global Mediacom (Mediacom) has sold more than 6.475 million shares, or 32% ownership, of its troubled telecoms venture PT Mobile-8 Telecom (Mobile-8). The sale to Jerash Investment, a Dubai-based private equity fund, took place between September and October 2008 at a share price of IDR143 (USD0.01) per share, valuing the transaction at approximately IDR926 billion (USD83.4 million). Following the sale, Mediacom now owns 19% of Mobile-8 Telecom.

Indonesia, Mobile-8 Telecom