Indosat ups stake in Satelindo

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)