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