Qatar to grab more Indosat shares this week

JAKARTA: Qatar Telecom Q.S.C. (Qtel), the Middle East telecommunications group with around 55 million customers, will commence its tender offer for shares of PT Indosat, the nation's second largest telecom firm, this Tuesday.

"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," Qtel Group Chairman and Indosat President Commissioner H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani said in a statement.

Qtel will offer up to 24.19 percent of Indosat's shares, or 1,314,466,775 units of billion Series B Shares, including those listed on the New York stock exchange. Each share is priced at Rp 7,388.

The offer will end on Feb. 18 and simultaneously in Jakarta (3 p.m.) and New York (3 a.m.) and will take QTel's ownership in the company close to 65 percent. JP/dis