Sales of Telkom shares

Sales of Telkom shares

JAKARTA (JP): PT Telkom's global underwriters -- Goldman
Sachs, Lehman Brothers and Merrill Lynch -- announced yesterday
that they will exercise the Green Shoe option which allows them
to buy more shares of the state-owned telecommunication firm.

The option allows the underwriters to buy an additional five
million American Depository Shares or 100 million ordinary shares
owned by the Indonesian government in Telkom, which recently
listed its shares in New York, London, Jakarta and Surabaya in
East Java.

Telkom said recently that 30 million American Depository
Shares or 600 million shares were sold internationally earlier
this month. Therefore, the Green Shoe option will bring the
number of Telkom shares floated abroad to 700 million or 7.5
percent of the company's total shares.

The additional sales of shares to global underwriters will
bring the total value of Telkom's share offering to US$1.68
billion (representing 20 percent of the company's enlarged
capital). (08)