Bimantara sets up holding company

Bimantara sets up holding company

JAKARTA: PT Bimantara Citra said Wednesday it set up PT
Mobile-8 Telecom earlier this month as a holding company for
telecommunications companies it plans to acquire.

Bimantara spokeswoman Intan Abdams said Bimantara owns a
99.99 percent stake in Mobile-8, which would become a holding
company for cellular phone PT Komunikasi Selular Indonesia, or
Komselindo, and PT Metro Selular Indonesia, or Metrosel.

Bimantara plans to acquire up to 99.99 percent stake each in
Komselindo and Metrosel, both of which are partly owned by PT
Telekomunikasi Indonesia.

Telkom has a 35 percent stake in Komselindo and a 20.1 percent
stake in Metrosel.

Bimantara's Intan expects the acquisition of the two
companies, which would be worth Rp 304.4 billion (US$34.2
million), to be finalized this year. -- Dow Jones