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)