QTel acquires additional 25 % stake in Indosat

TelecomTiger.com, TT Bureau, 09 Mar 2009  

Qatar Telecom (QTel) successfully completed its acquirement of PT Indosat, as it bought an additional 1,314,466,775 shares of the company to now own 65 percent shares as compared to its initial 40.81 percent. 

The acquisition, which was done via dual concurrent tender offers in Indonesia and the United States, represent QTel’s aspiration of becoming a global to 20 telecommunications provider by the year 2020. 

Priced at 7,388 Indonesian rupiahs per share (or the US dollar equivalent per ADS), the offer began on January 20, 2009. Qtel could purchase in the tender offers, which was capped at 1,314,466,775, or about 24.19 percent of Indosat’s total issued and outstanding shares. 

However, this exceeded the maximum number of Indosat shares Qtel could purchase in the tender offers, which was capped at 1,314,466,775, or about 24.19 percent of Indosat’s total issued and outstanding shares. 

Due to the oversubscription, Qtel announced a pro-ration factor of about 56.54 per cent on this basis,  accepted for purchase 1,314,466,775 Indosat shares on a pro rata basis from all tendering shareholders. Tendered shares that were not accepted have been returned to shareholders. 

Qatar Telecom currently has stakes in 16 countries, including the Middle East and Asia and enjoys a customer base of more than 57 million.