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)