Wednesday, Jul 02, 2008
(Updates with details; adds background)
DUBAI (Zawya Dow Jones)--Qatar Telecom (QTEL.DO) said late Wednesday it submitted a tender offer Tuesday for all outstanding American Depositary shares of Indonesian cellular provider PT Indosat (ISAT.JK) to Indonesia's Capital Market and Financial Institutions Supervisory Board.
"QTel filed a tender offer statement with BAPEPAM, consistent with our stance to fully respect the laws and regulations of the Republic of Indonesia," QTel Chief Executive Nasser Marafih said in a statement emailed to Zawya Dow Jones.
Regulator BAPEPAM-LK recently amended its tender offer regulations so that a mandatory tender offer is triggered on the acquisition of a 50% interest or the capability to determine, directly or indirectly, the management and policy of the target.
QTel said it was working closely with its advisers to understand the new regulations, which were published Tuesday night, and it will liaise with the relevant authorities to ensure that its tender offer complies with the new regulations.
In June, QTel indirectly acquired 40.81% of PT Indosat by purchasing issued and outstanding shares of Indonesia Communications, or ICLM, and Indonesia Communications, or ICLS, from Asia Mobile Holdings, which is 75% indirectly owned by STT Communications and 25% indirectly owned by QTel.
-By Tahani Karrar, Dow Jones Newswires; +9714 364 4965; tahani.karrar@dowjones.com
Copyright (c) 2008 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
02-07-08 2013GMT
