Qtel concludes Indosat deal
Doha, February 26, 2009
Qatar Telecom (Qtel) has successfully concluded the acquisition of a majority stake in PT Indosat, the second largest mobile operator in Indonesia.
Uppon settlement Qtel will hold a 65 per cent effective stake in Indosat, a statement said.
The majority stake in Indosat, secured by the successful conclusion of co-ordinated dual tender offers in both Indonesia and the United States, will mark a significant advance for Qtel in its long term vision of becoming one of the top 20 telecom companies globally by the year 2020, it said.
“Indosat is a driving force in the Indonesia telecommunication market: a market which, with some 237.5 million people and mobile penetration rates of just 58 per cent has considerable growth potential for the group. Moreover, as the country’s second largest mobile operator, Indosat commands a 28.7 per cent share of Indonesia’s GSM mobile market with over 36.5 million subscribers connected to its nationwide network,” said the statement.
Announcing the conclusion of the co-ordinated dual tender offer process, Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of the Qtel Group said: “This is a landmark development for Qtel and will be looked upon in the years ahead as a defining moment for our group. Indosat operates in a dynamic and growing marketplace and our achievement today means that, upon settlement, we will have an increased interest in how Indosat capitalises on the opportunities open to us in the years ahead.”
Dr Nasser Marafih, chief executive officer of the Qtel Group added: “This is excellent news and proves the capability and skill of our Qtel team, which has steered this acquisition to a successful conclusion. The Qtel Group is now a driving force in the communication markets of some of the world’s most exciting emerging economies. It is our exposure to these markets, and our ongoing commitment to delivering services that meet the needs of consumers in these markets that will ensure the continued success of our group.” – TradeArabia News Service