Satelindo approves third stake-acquirer<\/p>\n
JAKARTA (JP): A subsidiary of Germany's Deutsche Telekom,
\nwhich agreed last week to buy a 25-percent stake of PT Satelit
\nPalapa Indonesia (Satelindo), may sell a part of its newly-
\nacquired stake to a third party, according to a Satelindo
\ncommissioner.<\/p>\n
\"Documents signed by both commissioners and executives of
\nSatelindo and Deutsche Telekom in Jakarta last month included an
\nagreement allowing Deutsche Telekom to invite a third party to
\nbuy part of the Satelindo stake that it would buy,\" a Satelindo
\ncommissioner, Setyanto P. Santosa, said yesterday.<\/p>\n
The agreement on the stake acquisition was signed at a
\nceremony in Germany last week in the presence of President
\nSoeharto.<\/p>\n
Setyanto, who is also president of the state-owned domestic
\ntelecommunications company PT Telkom, said that Satelindo and
\nDeutsche Telekom had discussed the matter during negotiations.<\/p>\n
After the acquisition, Satelindo is 45 percent owned by PT
\nBima Graha Telekomindo, a subsidiary of the widely diversified
\nBimantara group, 22.5 percent by Telkom, 7.5 percent by the
\nstate-owned international telecommunications operator PT Indosat
\nand 25 percent by Deutsche Telekom's subsidiary, DeTeMobil.<\/p>\n
Satelindo runs digital telecommunications, the Palapa-C
\nsatellites and international calls.<\/p>\n
Deutsche Telekom, with a US$586 million bid, won the 25-
\npercent stake over its rivals Cable & Wireless of Britain, AT&T
\nand Nynex of the United States and France Telecom in a tough
\ntender process. In a surprise move, Satelindo rejected Cable &
\nWireless at the last moment in favor of Deutsche Telekom in late
\nFebruary.<\/p>\n
Financial Times, a Hong Kong-based economics daily, reported
\nrecently that Cable & Wireless may still be able to gain a stake
\nin Satelindo, as DeTeMobil planned to sell half of its 25 percent
\nstake in Satelindo to the British firm.<\/p>\n
Telkomsel<\/p>\n
Setyanto also said yesterday that a team comprised of Indosat
\nand Telkom executives was currently studying a proposal from a
\ndomestic firm intending to buy shares in the digital
\ntelecommunications operator PT Telkomsel.<\/p>\n
Telkomsel is 51 percent owned by Telkom and 49 percent owned
\nby Indosat. The Ministry of Finance approved the establishment of
\nthe company, whose legal and management affairs are still being
\nprocessed, last September.<\/p>\n
Several private firms, including PT Telekomindo of the
\nRajawali Group, have shown interest in acquiring a majority stake
\nin Telkomsel.<\/p>\n
Meanwhile, a prominent legal expert, M. Dimyati Hartono, told
\nThe Jakarta Post yesterday that it was the task of the Ministry
\nof Finance to decide whether or not a private firm is allowed to
\nown a stake in a state-owned company.<\/p>\n
He said that policies and regulations on telecommunications
\nneeded strengthening because the global telecommunications
\nindustry had grown very rapidly.(icn)<\/p>",
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