PSN to buy Jasmine's stake

PSN to buy Jasmine's stake

BANGKOK (Dow Jones): Thailand's Jasmine International PCL
(H.JSM) said Wednesday that it will sell a 13.4 percent stake in
PT Asia Cellular Satellite Co., which plans to launch its Garuda
satellite within six months, to its joint venture partners.

Jasmine International Overseas Co., a unit of the Thai firm,
agreed on Dec. 31 to sell the stake in the satellite cellular
phone company to Indonesia's PT Pasifik Satelit Nusantara and
Philippine Long Distance Telephone Co.

The sale will raise around $40 to $50 million for Jasmine
International, reducing its stake in PT Asia Cellular Satellite
to 8.8 percent, the Thai company said in a statement.

According to the statement, U.S. aerospace company Lockheed
Martin Corp. (LMT) on Dec. 31 also agreed to take a 30 percent
stake in the satellite company through the purchase of 90 million
new shares at $1.80 each.

Lockheed Martin manufactured the Garuda satellite. The
commercial satellite cellular phone service is scheduled to
commence later in 1999.