Qtel ups stake in Indosat to 65pc
Doha, March 7, 2009
Qatar Telecom (Qtel) said it has purchased an additional 1.314 billion shares of PT Indosat (Indosat), raising its shareholding in Indonesian company from 40.81 per cent to about 65 per cent.
The purchase was completed through dual concurrent tender offers in Indonesia and the US, said a statement from the Qtel.
The tender offers for further shares in Indosat, which is listed on both the Indonesia and New York stock exchanges, expired concurrently on February 18.
By the close of the offers, 2.33 billion series B Shares (including series B Shares underlying American depositary shares) of Indosat had been validly tendered and not withdrawn, it said.
This substantially exceeded the maximum number of Indosat shares Qtel could purchase in the tender offers, which was capped at an additional 1.31 billion or about 24.19 per cent of Indosat’s total issued and outstanding shares.
Because of the oversubscription, Qtel announced a pro-ration factor of about 56.54 per cent and based on this, accepted for purchase 1,31 billion Indosat shares on a pro rata basis from all tendering shareholders.
Tendered shares that were not accepted have been returned to shareholders, said the statement.
Through PT Danareksa Sekuritas and Bank of New York Mellon, Qtel has settled the payment for the accepted shares, ending the coordinated tender offer process. – TradeArabia News Service