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Qatar Telecom (Qtel) Q.S.C. (“Qtel”) has successfully settled and completed its purchase of an additional 1,314,466,775 shares of PT Indosat Tbk (“Indosat”) through dual concurrent tender offers in Indonesia and the United States.

This increases Qtel’s total shareholding in Indonesia’s second-largest telecoms company from an initial 40.81% to the current majority stake of about 65%.

The tender offers for further shares in Indosat (IDX: ISAT; NYSE: IIT), which is listed on both the Indonesia and New York stock exchanges, expired concurrently on February 18 in Jakarta (3pm) and New York (3am).

By the close of the offers, 2,324,910,450 Series B Shares (including Series B Shares underlying American Depositary Shares) of Indosat had been validly tendered and not withdrawn. This substantially exceeded the maximum number of Indosat shares Qtel could purchase in the tender offers, which was capped at an additional 1,314,466,775, or about 24.19% of Indosat’s total issued and outstanding shares.

Because of the oversubscription, Qtel announced a pro-ration factor of about 56.54% and based on this, accepted for purchase 1,314,466,775 Indosat shares on a pro rata basis from all tendering shareholders. Tendered shares that were not accepted have been returned to shareholders.
Through PT Danareksa Sekuritas and Bank of New York Mellon, Qtel has settled the payment for the accepted shares, ending the co-ordinated tender offer process.

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