Rajawali acquires Telekomindo

Rajawali acquires Telekomindo

BANDUNG (JP): PT Rajawali Wira Bhakti has acquired a 51
percent stake in PT Telekomindo, a subsidiary of the state-owned
domestic telecommunications company PT Telkom, which operates
telecommunications service and talking advertising.

Spokesman for PT Telkom Djoko Triwibowo said here yesterday
that the acquisition was completed on June 9 in Jakarta.

Telekomindo which posted a net profit of Rp 4.1 billion last
year, up sharply from Rp 1.7 billion in 1992, was previously 99.6
percent owned by the Pension Foundation of Telkom (YDPP) and 0.4
percent by Telkom's Employee Cooperative.

Under terms of the deal, the Army's Kartika Eka Paksi
Foundation also bought 10 percent of Telekomindo's shares, the
Tri Daya Foundation of the Attorney General's Office two percent
and the Telkom's Employee Cooperative two percent.

The Telkom YDPP foundation therefore now owns only 25 percent
of Telekomindo, he said.

The deal was signed by Telkom president Setyanto P. Santosa,
Rajawali Director Peter Sondakh, YDPP Chairman A. Poerwo,
Cooperative Director A. Setyawan, Kartika Eka Paksi executive
Deddy Arman Adhi, Tri Daya executive R. Murni and Telekomindo
president Tarnatmo.

Prices

Djoko refused to disclose the prices of the acquisition.

According to Setyanto, who is also Telekomindo's commissioner,
the deal aims to strengthen the company as it faces keener
competition in the telecommunications business.

In addition to Telekomindo, Telkom currently has joint
ventures with private companies PT Satelindo, PT Ratelindo, PT
Pasific Satelit Nusantara, PT Bangtelindo, PT Lintas Arta and PT
Celcom.

Telkom is still negotiating deals with several private
companies to establish six other joint ventures -- PT SKSP, PT
Batamindo, PT E. Yellow Pages, PT Citra Sari Makmur, PT Primacom
and PT Inphilcom.

Telekomindo's assets as of last year totaled Rp 73.53 billion,
Djoko added. (pet/icn)