Qtel completes acquisition of 40.8% interest in PT Indosat TBK and STT Communications Ltd
Qatar Telecom (Qtel) Q.S.C. (“Qtel”) today announced that it has completed its acquisition of Indonesia Communications Limited (“ICLM”) and Indonesia Communications Pte. Ltd. (“ICLS”), which hold a combined 40.8%, interest in PT Indosat Tbk (“Indosat”). Pursuant to the previously announced share purchase agreement with STT Communications Ltd, legal ownership of the shares of ICLM and ICLS was transferred from Asia Mobile Holdings Pte Ltd to Qtel today upon the closing of the acquisition.
Based on Qtel’s interpretation of Indonesia’s mandatory tender offer rules, Qtel believes that it may be required to commence a tender offer to acquire the outstanding shares of Indosat (including the shares represented by American Depositary Shares) that are not owned by Qtel. Qtel is currently in discussions with the Indonesian Capital Market and Financial Institution Supervisory Board (“Bapepam-LK”) regarding the application of Indonesia’s mandatory tender offer rules on Qtel. Qtel intends to announce its plans with respect to any tender offer for Indosat shares based on the outcome of such discussions with Bapepam-LK and intends to comply with applicable Indonesian rules and regulations.
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