Telkomsel acquisition deal<\/p>\n
JAKARTA (JP): PT Telekomunikasi Selular (Telkomsel), one of
\nthe country's three operators of the Global System for Mobile
\n(GSM) communications, finalized yesterday the sales of its shares
\nto private companies through direct investment placement.<\/p>\n
The documents were signed here by the president for Asia of
\nPTT Telecom Netherlands, Jan Volbeda, the chief commissioner of
\nPT Setdco Megacell Asia, Setiawan Djody, and a director of PT
\nTelkom, Harry Supangkat.<\/p>\n
Yesterday's signing ended the process of Telkomsel share
\nacquisition, with 42.72 percent of the GSM operator belonging to
\nTelkom, 35 percent to PT Indosat, 17.28 percent to PTT Telecom
\nand 5 percent to Setdco.<\/p>\n
Under yesterday's deal, PTT Telecom and Setdco finalized their
\npayments for the share acquisition, by paying US$229.04 million
\nand $83.79 million respectively to Telkomsel -- causing PTT
\nTelecom to transfer $304 million for the deal and Setdco $88
\nmillion -- while Telkom paid $109.89 million.<\/p>\n
Telkomsel was incorporated in 1995 with 49 percent of its
\nshares owned by Indosat and 51 percent by Telkom, both of which
\nare state-owned telecommunications providers listed on domestic
\nand international stock exchanges.<\/p>\n
Telkomsel's president, Koesmarihati Sugondo, said yesterday
\nthat her company currently has 85,000 customers or 28.3 percent
\nof the 300,000 cellular telephone subscribers in Indonesia.<\/p>\n
\"We expect to increase the number of our subscribers to
\n150,000 by the end of this year and to 450,000 by the year 2000,\"
\nKoesmarihati said.<\/p>\n
Telkomsel will also increase its investment from Rp 450
\nbillion at present to Rp 700 billion by the end of 1996. (icn)<\/p>",
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