Excelcomindo bought by Telekom Malaysia

Excelcomindo bought by Telekom Malaysia

KUALA LUMPUR: Telekom Malaysia Bhd. said it bought a controlling stake in PT Excelcomindo Pratama for US$314 million, beating bids by SK Telecom Co. and other regional rivals for Indonesia's third-largest cellular-phone company.

Telekom Malaysia, the nation's biggest phone company, purchased a 27.3 percent stake in Excelcomindo, the Kuala Lumpur- based company said in a statement to the Malaysian stock exchange.

"The aim is to build Excelcomindo into an Indonesian market leader and a substantial contributor to the revenue and profits of Telekom," Telekom Malaysia said.

The stake in Excelcomindo, with about 15.5 percent of Indonesia's cellular market, will give Telekom Malaysia an entry into a market of 235 million people, where about one in eight people have phone access. -- Bloomberg