Bloomberg News

Qatar Telecom May Start Offer to Buy Indosat Shares (Update1)

January 08, 2009

Qatar Telecom QSC may start an offer to buy additional shares in PT Indosat, Indonesia’s second-biggest telephone company, “around” Jan. 16, said Ahmad Fuad Rahmany, chairman of the capital-market regulator.

Qatar Telecom filed the application for the tender offer today, Rahmany said in a mobile-phone text message. Qatar Telecom will offer to buy the shares for 7,388 rupiah apiece, Rahmany said previously.

Indosat shares rose to their highest in four months after the regulator’s comment today, gaining 5.4 percent in Jakarta.

“We believe a tender offer is likely to be held in February,” Bonny Setiawan and Reena Verma Bhasin, analysts with Merrill Lynch & Co., said in a note to investors yesterday. “We see this as positive for minority shareholders.”

To contact the reporter on this story: Woro Widya Utami in Jakarta at wutami@bloomberg.net Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Tony Jordan at tjordan3@bloomberg.net


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