Satelindo selects Deutsche Telecom as stake acquirer<\/p>\n
JAKARTA (JP): After unexpectedly rejecting a British firm's
\nbid to acquire 25 percent of its shares, PT Satelit Palapa
\nIndonesia (Satelindo) yesterday agreed in principle to allow
\nDeutsche Telekom of Germany to take the stake at US$586 million.<\/p>\n
Deutsche Telekom will acquire the 25 percent stake through its
\naffiliate, Deutsche Telekom Mobilfunk (DeTeMobil), which runs
\nboth analog and digital cellular telecommunications in Germany.<\/p>\n
Satelindo's president, Iwa Sewaka, and DeTeMobil's management
\nboard chairman, Lothar Hunsel, signed the draft agreement on the
\nacquisition here yesterday with Minister of Tourism, Post and
\nTelecommunications Joop Ave, with his German counterpart Wolfgang
\nBoetsch witnessing.<\/p>\n
Iwa said that the agreement, after legal details are worked
\nout, will be officially signed on April 13 at an industrial fair
\nin Hanover, Germany, in the presence of Chancellor Helmut Kohl
\nand President Soeharto.<\/p>\n
According to Iwa, Satelindo's status will be altered from a
\ndomestic company to a foreign investment join venture.<\/p>\n
Deutsche Telekom has defeated its rivals Cable and Wireless of
\nBritain, AT&T and Nynex of the United States and France Telecom
\nin a tough three-month bidding process.<\/p>\n
Satelindo originally planned to sign an agreement for the
\nshare sale to Cable and Wireless last month but the signing was
\ncanceled in last minutes after DeTeMobil raised its offer.<\/p>\n
\"DeTeMobil, which manages some 1.5 million cellular telephone
\nlines, will place $566 million in cash and $20 million in
\nsoftware at Satelindo,\" Iwa said.<\/p>\n
He noted that DeTeMobil's offer is more favorable than Cable
\nand Wireless, which bided for only $531 million.<\/p>\n
\"DeTeMobil will likely assign four representatives in
\nSatelindo's boards of commissioners and directors,\" he said.<\/p>\n
Ownership<\/p>\n
Satelindo, set up with a capital of Rp 500 billion in January
\n1993, is now 60 percent owned by PT Bima Graha Telekomindo -- a
\nfirm equally owned by the Bimantara and Artha Graha groups -- 30
\npercent by PT Telkom and 10 percent by PT Indosat, both state-
\nowned telecommunications service providers. When the transaction
\nis effective, Bima Graha, Telkom and Indosat will control 45
\npercent, 22.5 percent and 7.5 percent, respectively, of
\nSatelindo's shares, while the other 25 percent will be held by
\nDeTeMobil.<\/p>\n
The company's commissioners, who also signed the draft
\nagreement yesterday, include Director General of Tax Fuad
\nBawazier, Bambang Sulistyo, Setyanto P. Santosa, Tommy Winata,
\nAziz Mochdar and Bambang Trihatmodjo, President Soeharto's son
\nwho is also the chairman of the Bimantara Group.<\/p>\n
Satelindo runs three major businesses, including the
\nsatellites of the Palapa-C generation, mobile telephones with the
\nGlobal System of Mobile communications system and international
\ncalls service, which is estimated to be the company's biggest
\nearner in the future.<\/p>\n
In addition to DeTeMobil, there are currently at least five
\nforeign companies holding stakes in telecommunications firms
\noperating in Indonesia. PTT of the Netherlands holds a stake in a
\nsubsidiary of the Bakrie Group, Telesat of Canada and Hughes of
\nthe United States in PT PSN, and Jasmine of Thailand and PLDT of
\nthe Philippines in PT Aces.<\/p>\n
Motorola of the United States is about to set up a join
\ntelecommunications venture in Indonesia. (icn)<\/p>",
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