MyAdhan Blog

Link: Qatar Telecom to pay $1.8 bln for Indosat stake

Another Link: Qatar Telecom is required to make full bid for Indosat

Qatar Telecommunications QTEL.QA will buy Singapore Technologies Telemedia’s entire stake in Indonesia’s PT Indosat ISAT.JK for $1.8 billion, gaining 40.8 percent control of that country’s second-biggest mobile phone firm, the two companies said. The stake sale by ST Telemedia — which is a unit of Singapore’s sovereign wealth fund Temasek Holdings — came almost a month after it lost an appeal in an Indonesia court against an earlier anti-trust ruling. An Indonesian district court on May 9 ordered Temasek and its affiliates to sell its holdings in either PT Telekomunikasi Selular (Telkomsel) or PT Indosat Tbk ISAT.JK, upholding an earlier ruling by the country’s anti-trust body. The Singapore state investor has denied engaging in anti-competitive behaviour, saying its affiliates owned minority stakes in both mobile operators. Temasek said that the decision to sell the stake was entirely made by the board of ST Telemedia. “Any decision in respect of their stake in Indosat is determined solely by the independent boards and managements of STT and its associates,” said Myrna Thomas, managing director of corporate affairs, Temasek Holdings in a statement on Saturday. Qatar Telecom (Qtel) will buy the stake from Asia Mobile Holding, a subsidiary it jointly holds with Singapore Technologies Telemedia, the statement said, adding this transaction will not affect ST Telemedia and Qtel’s investments in other markets.