Tue, 25 Mar 2008
Hong Kong's Hutchison Telecommunications International Ltd said a majority-owned unit agreed to sell certain telecommunication assets in Indonesia in a deal worth $500 million, Thomson Financial reported Tuesday (18/3/08).

Hutchison Telecommunications, a company controlled by Hong Kong billionaire Li-Ka shing, said it expects to book a gain of $236 million from the sale of the assets to PT Profesional Telekomunikasi Indonesia (Protelindo).

Hutchison Telecommunications controls 60% of its Indonesian unit, Hutchison CP Telecommunications, seller of the assets, which include telecommunication towers.

The company said the sale will allow it to raise funds which it plans to use to expand its network coverage in Indonesia.



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