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QTel earns reprieve in Indonesia

Indonesia may not force Qatar Telecom (QTel), which earlier this month bought 40.8 per cent of Indosat, to buy all remaining shares in the telecommunications company, the nation's regulator said.

  • Bloomberg
  • Published: 00:06 June 15, 2008
  • Gulf News

Jakarta: Indonesia may not force Qatar Telecom (QTel), which earlier this month bought 40.8 per cent of Indosat, to buy all remaining shares in the telecommunications company, the nation's regulator said.

Indonesia may change a rule that requires investors who buy 25 per cent of a publicly traded company to make an offer for all remaining shares, said Ahmad Fuad Rahmany, chairman of the Capital Market and Financial Institution Supervisory Agency.

Qatar Telecom may buy more Indosat shares in a tender offer, the Bisnis Indonesia newspaper reported yesterday, citing Rahmany.

It will not acquire all remaining shares because of a presidential rule that limits foreign ownership of telephone companies.

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