Telkomsel to sell up to 30 percent of its shares
Telkomsel to sell up to 30 percent of its shares
JAKARTA (JP): Digital mobile operator PT Telkomsel will offer up to 30 percent of its shares to strategic partners.
Telkomsel chief commissioner Rahardi Ramelan said yesterday that Telkomsel is offering a 20 percent stake in the firm to a foreign company and a stake of between 5 percent and 10 percent to a domestic company.
"We are offering a discount to a domestic firm interested in our shares," Rahardi said. "However, we will look for the highest bidder among domestic firms."
He declined to name the domestic bidders.
Rahardi, who was speaking after opening a three-day seminar on infrastructure, said that Telkomsel, which has hired Goldman Sachs International as its advisor, will announce its strategic foreign partner later this month.
"There are three short-listed firms: PTT Telecom of the Netherlands, Cable and Wireless of Britain and Telstra of Australia," he said.
Telkomsel, which operates global system for mobile (GSM) telecommunications, is owned by state-owned telecommunications operators PT Telkom (51 percent) and PT Indosat (49 percent).
Telkomsel is one the three GSM operators in Indonesia. The other two operators are PT Satelindo and PT Excelcomindo. Since Telkomsel was incorporated in May this year, many domestic and overseas firms have expressed interest in participating in the company.
Telstra, British Telecom, Cable and Wireless, Vodafone, American Telephone and Telegraph, US West, PTT Telecom and France Telecom were among the 12 parties which participated in the tender organized by Goldman Sachs.
"The process of domestic bidding is being undertaken by Telkomsel. We know better about domestic firms. The board of management can make a decision by themselves," Rahardi said.
There have been rumors recently that businessmen Hutomo (Tommy) Mandala Putra Soeharto and Setiawan Djody are eager to buy the company's shares, even though the tender has so far been addressed only to foreign telecommunications companies.
Rahardi, who is also the vice chairman of the National Development Planning Board, said yesterday that there is no difference in bidding procedure for foreign and domestic bidders.
"Telkomsel is looking for strategic partners, meaning that we want added value, not just expertise and cash. We could hire or hijack experts or go to a stock market if we just wanted expertise or money. Strategic partners should have added value, such as services, hardware and systems," he said. (icn)