Qatar Telecom announces final results of tender offers for Indosat shares

20 Feb 2009

Qatar Telecom (Qtel) today announced final results of its concurrent tender offers in Indonesia and the US, to acquire Series B shares of Indonesian fixed line and mobile network operator PT Indosat, and to acquire American Depositary Shares (ADSs) representing additional Series B shares. The offers were made through Qtel’s wholly-owned subsidiary Indonesia Communications Pte Ltd, and expired at 3:00 a.m. New York City time (3:00 p.m. Jakarta time) on 18 February 2009. The company’s press release continued: ‘In the aggregate, Qtel had offered to purchase up to 1,314,466,775 Series B shares (including “Series B shares underlying ADSs”) in the offers, representing approximately 24.19% of the total issued and outstanding B shares (including underlying ADSs) of Indosat.’

The offers were oversubscribed, the statement revealed: ‘A total of 17,705,799 ADSs were validly tendered into the US offer, and 1,439,620,500 B shares were validly tendered into the Indonesian offer, representing an aggregate of 2,324,910,450 B shares (including underlying ADSs). Each ADS represents 50 B shares. Because the total number of shares tendered exceeds the aggregate that Qtel offered to purchase, the proration rules will apply pursuant to the terms of the offers. The proration factor is approximately 56.54%. Applying the proration factor, Qtel announced that it accepted for purchase 10,010,572 ADSs at the offer price of USD31.0055 per ADS and 813,938,000 B shares at the offer price of IDR7,388 (USD0.62429) per share. After consummation of the offers, Qtel will beneficially own approximately 65% of the outstanding B shares (including underlying ADSs). Settlement of the offers will occur on or prior to 5 March 2009.’

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