KPN in talks with SingTel

Mon, 10 Sep 2001 | Source: DJ

AMSTERDAM (Dow Jones): Dutch telecommunications company Royal KPN NV (KPN) Friday confirmed it is in talks with Singapore Telecommunications Ltd. on a possible sale of the 22.3 percent stake it owns in Indonesia's biggest cellular phone operator PT Telkomsel, a unit of PT Telekomunikasi Indonesia.

"We confirm we are in talks with SingTel on a possible sale of the stake," KPN spokesman Bram Oudshoorn said.

Oudshoorn declined to say when an agreement is expected to be reached or how much the company hopes to get for its stake.

Oudshoorn however said he feels it's "encouraging that the other party involved in the talks is making that public."

SingTel Friday confirmed it is in talks with KPN on a possible transaction.

An unsourced article in Friday's Singapore Business Times said KPN could get between $500 million and $600 million for the Telkomsel stake.

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