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Qtel issues clarification regarding its upcoming tender offer
Posted on
Wednesday, 23 July 2008
Industry Sector
Communications
Country
Qatar
Client(s)
Qatar Telecom
Press Release Content
Qatar Telecom (Qtel) Q.S.C. today issued a clarification regarding its upcoming tender offer for certain outstanding shares in Indosat, Indonesia's second largest telecommunications company.
According to Qtel, its acquisition of a controlling interest of 40.8% in Indosat was finally concluded on 24 June for USD 1.8 billion. Under Indonesian capital markets regulations, Qtel is now required to conduct a tender offer for the remaining Indosat shares, other than the 14% block held by the Government of Indonesia.
Qtel is now actively engaged with the Indonesian authorities to determine the number of additional shares Qtel could acquire during its tender offer. The Company expects the issue to be resolved shortly and that the tender offer will be conducted normally during the summer.
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