Together these shares represent about 24.19% of Indosat’s total issued and outstanding shares. Priced at IDR7,388 per share, the offer starts on January 20, 2009, and is scheduled to expire on February 18, 2009 simultaneously in Jakarta and New York, unless extended.
The Indonesian government has determined that Qtel’s total ownership will be limited to 65% of Indosat. Guided by this ruling, Qtel is thus offering to acquire an additional stake of up to approximately 24.19% of Indosat, after taking into account its existing 40.81% indirect stake in Indosat.
If more than 1.31 billion shares are validly tendered and not withdrawn in the offers, then proration rules will apply to ensure Qtel does not acquire more than 65% of Indosat’s shares. The offers will be made through Indonesia Communications, a wholly-owned indirect subsidiary of Qtel.
Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, Qtel group chairman and Indosat president commissioner, said: We are pleased to be able to proceed with the tender offer at the start of the New Year. We look forward to a smooth completion of this process, which will put us in a strong position to push ahead with development plans for Indosat and build it into a leading regional telecoms company. This will not only enhance shareholder value, but ultimately benefit Indonesian consumers.