Qtel to own 65pc of Indosat

Doha, February 22, 2009

Qatar Telecommunications Co (Qtel) said it would own 65 percent of Indonesia's PT Indosat after completing a tender offer on February 18 to buy additional shares in the company from the public.

Qtel offered to purchase up to 1.31 billion Series B shares, representing about 24.19 percent of total issued or outstanding shares, it said in a statement.

The number of shares tendered by shareholders exceeded the amount Qtel was seeking to buy, it said.

Indonesia had said it would allow Qtel to own up to 65 percent in Indosat after Qtel bought a 40.8 percent stake in the firm last year. - Reuters