Group buys Charoen Pokphand’s 35% stake in HCPT, paper says

25 Feb 2013

Pak Thohir’s [Garibaldi Thohir] investment group has reportedly acquired Thai company Charoen Pokphand’s 35% stake in Indonesian mobile operator PT Hutchison CP Telecommunications (HCPT), The Jakarta Post reports. HCPT spokesperson Bhuwan Kulshreshtha announced the move last Friday, following what is described as a ‘major change’ in the cellco’s ownership. The cellco offers mobile services under the banner 3 and was previously 60% owned by Hong Kong-based Hutchison Whampoa Limited via its subsidiary, Hutchison Asia Telecommunications, and 40% by Charoen Pokphand. However, the official confirmed that under last week’s change in ownership the Thai group has exited HCPT to be replaced by the Garibaldi Thohir-led investment group, which will own a 35% stake. Hutch will own the remainder.

Garibaldi is Indonesia’s 28th richest person, according to Forbes magazine. He acquired the HCPT stake along with a number of other businessmen, including Patrick Walujo, who controls private equity firm Northstar Pacific. HCPT closed out December 2012 with a total of 21 million mobile users a roughly 10% market share. It is looking to increase its market share to 13% in fiscal 2013 and notes that it derives around 50% of its revenues from data-related services.

Indonesia, Hutchison 3 Indonesia (Tri)