Hutchison to end CAC investment soon

Hutchison to end CAC investment soon

HONG KONG: Hutchison Telecommunications International Ltd., a cellular phone company controlled by Hong Kong billionaire Li Ka- shing, said it would complete its investment in Indonesian cell phone operator PT Cyber Access Communications "soon".

Hutchison Telecom had put its US$120 million bid for 60 percent of Cyber Access on hold over plans by the Indonesian government to license more players and reallocate spectrum already licensed to Cyber Access, the South China Morning Post reported on Wednesday, without citing anyone.

"It's not true that we have put things on hold," said Mickey Shiu, a spokeswoman for Hutchison Telecom. "We are closing the deal soon and we look forward to entering the Indonesian market."

Thailand's Charoen Pokphand Group will retain a 40 percent stake in the Indonesian cell phone network operator and the two will jointly invest $300 million in Cyber Access, Hutchison said in March.-- Bloomberg