Fri, 23 Feb 2001

Indosat ups stake in Satelindo

JAKARTA (JP): State-owned telecommunications company PT Indosat announced on Thursday the purchase of PT Bimagraha Telekomindo's remaining shares in cellular phone company PT Satelindo, which brings Indosat's ownership to a 75 percent majority.

Indosat president Hari Kartana said in a statement that Bimagraha's remaining 13.5 percent share was acquired in a deal worth US$111.6 million.

Besides Indosat's original 7.5 percent share in Satelindo, Indosat said it had previously acquired Telkom's 22.5 percent share and Bimagraha's 31.5 percent share in Satelindo worth $186 million and $260.4 million respectively.

The remaining 25 percent share in Satelindo is owned by Deutsche Telekom, Indosat said.

The transaction is statement the pending approval of regulators and shareholders. Indosat plans to gain approval in a shareholders meeting at the end of April.(tnt)