Telkom hires Morgan to buy back shares

Telkom hires Morgan to buy back shares

JAKARTA: PT Telekomunikasi Indonesia (Telkom), the nation's
biggest telephone company, hired Morgan Stanley and PT Danareksa
Sekuritas as advisers to help buy back as much as Rp 3 trillion
(US$297 million) of stock.

"The company needs shareholder and regulatory approval to buy
back the shares," Orias Petrus Moedak, a director at Danareksa,
said in Jakarta on Monday.

The company will use cash to fund the buyback, president Arwin
Rasyid said on Sept. 30. Telkom will seek shareholder approval
for the buyback at a meeting in November, he said.

About 7 percent of Telkom's shares are traded on the New York
Stock Exchange. -- Bloomberg