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Telkom buys 25% stake in Tiphone for Rp 1.4t
Indonesiaâs largest telecommunication operator, PTTelekomunikasi Indonesia (Telkom), will complete this week a Rp 1
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ndonesia's largest telecommunication operator, PTTelekomunikasi Indonesia (Telkom), will complete this week a Rp 1.4 trillion(US$117.2 million) acquisition of publicly listed mobile phone distributor PTTiphone Mobile Indonesia.
Publicly listed Telkom, through its IT solution subsidiary PT PINS Indonesia, last Thursday bought Tiphone shares worth Rp 876.7 billion from Boquete Group SA, Interventures Capital Pte. Ltd., PT Sinarmas Asset Management and Top Dollar Investment Limited.
On Thursday this week, Telkom's PINS will acquire 638,051,347 shares in Tiphone worth Rp 518.2 billion through a non-preemptive rights issuance, or private placement.
'PINS will buy 1,754,641,204 shares, or equal to a 25 percent stake in Tiphone after the two transactions have been completed,' Tiphone announced.
With the acquisition, Telkom will strengthen its distribution business that is run by PINS Indonesia.
Tiphone, which was established in 2008, primarily operates in the mobile phone and pre-paid phone credit sector. The firm tallied Rp 6.31 trillion in revenue in the first half this year, a 40.5 percent increase from the Rp 4.49 trillion booked in the same period last year.
