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QTEL is delighted that the Indonesian government has clarified the tender offer conditions for PT Indosat Tbk (Indosat).

The authorities have agreed to allow QTEL to own up to 65 per cent of Indosat, while removing previously discussed condition that Indosat would transfer its fixed business into a separate company.

QTEL Group Chairman and Indosat President Commissioner H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani Said: " We are pleased to be in a position to move forward with this tender offer with Indosat's integrated business intact. This puts Indosat in a great position to compete aggressively in the future. We now feel more assured and comfortable paying the agreed tender offer price of 7,388 rupiahs per share."

QTEL expects to clear the arrangements for the tender offer with market regulators in early January 2009. Coordinated offers in the Indonesian and New York markets should open soon thereafter with the offer price for each Series B Share set at 7,388 rupiahs.

QTEL believes that this latest development reflects positively on Indonesia's investment climate, particularly in these difficult global market conditions. Said Sheikh Abdullah: "This will bolster investor confidence in Indonesia's system and business climate. We have no doubt that it will go some ways toward helping to attract more investments into Indonesia, which would ultimately grow and benefit the economy and the Indonesian people.

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