Qtel secures controlling stake in Indosat
Qatar Telecom (Qtel) Q.S.C. ("Qtel") confirmed that the Indonesian Supreme Court had ruled that the legal challenge before the Supreme Court to its ownership of its 40.8% stake in Indosat was now ended.
Qtel Chairman Sheikh Abdullah Bin Mohamed Bin Saud Al Thani said "Our controlling stake in Indosat is a key part of our group expansion plans and we are pleased that the Supreme Court's decision today removes the District Court's order, and allows us to keep the shares we acquired in June. We are currently in the process of launching a tender offer to acquire more of this attractive and important asset. We are totally committed to helping Indosat develop into Indonesia's premier telecoms company, and we will be allocating resources to ensure this happens sooner rather than later. We are still on track to reach our target of being a World Leading Telecommunications company, and being within the Top 20 by 2020."
Sheikh Abdullah concluded, "When we purchased control of Indosat, we were aware of these legal issues, and we are glad that they have now been resolved satisfactorily. We are confident that having Qtel as a core, independent and long-term investor in Indosat, we will be able to deliver significant benefits to Indosat shareholders and to the entire communications market in Indonesia".