Indosat raises investment

JAKARTA (JP): State-owned PT Indosat has decided to increase its investment in the Personal Communication Network (PCN) project.

PCN is the next generation of digital wireless telephone systems that uses light, inexpensive mobile phones with long battery life to communicate via low power antenna.

The company held an extraordinary general meeting of shareholders here yesterday to approve changes in investment in the PCN project.

"The meeting approved up to 30 percent additional investment of Indosat in the PCN project, beyond the investment approved in the April 10 annual shareholders' meeting, which comes to over Rp 100 billion and grants authority to the commissioners to sign the agreement for its implementation," the company said.

The PCN project is carried out by a joint venture between three state-owned firms: Indosat, PT Telkom and PT Inti. The project has won approval from the government to set up a joint venture for the provision of the Digital Cordless System (DCS- 1800).

Indosat said it would control the majority shares in the prospective project.

The meeting also approved the appointment of Agus Haryanto, head of legal and public relations of the finance ministry, as Indosat's new commissioner, replacing Harry Supangkat who is now a director of Telkom. (icn)