Global Mediacom to sell stake in Mobile-8

19 Jun 2009

Indonesian TV-to-print media group PT Global Mediacom yesterday announced plans to sell all or part of its 19% stake in domestic mobile operator PT Mobile-8 Telecom to focus on its core media business. The cellco, which has a stock market valuation of around USD100 million, had a market share of 2.61% as at 31 March 2009 and competes with seven other operators, according to TeleGeography’s GlobalComms database. Reuters writes that Global Mediacom has not decided on the sale price or timeframe of the deal. Trading in Mobile-8 Telecom shares were suspended on 16 March after the company failed to pay interest on its bond issue.

Indonesia, Mobile-8 Telecom