The Company is offering to purchase up to 1,314,466,775 Series B Shares (“Series B Shares”) (including Series B Shares underlying American Depositary Shares (“ADSs”)) of Indosat, which is listed on both the Indonesian and New York stock exchanges. Together these shares represent about 24.19% of Indosat’s total issued and outstanding shares.
Priced at 7,388 Indonesian rupiahs per share (or the US dollar equivalent per ADS), the offer starts on Tuesday, January 20, 2009, and is scheduled to expire on February 18, 2009 simultaneously in Jakarta (3pm) and New York (3am), unless extended.
Qtel Group Chairman and Indosat President Commissioner H.E. Sheikh Abdullah Bin Mohammed Bin Saud Al Thani said:
“We are pleased to be able to proceed with the tender offer at the start of the New Year. 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 and build it into a leading regional telecoms company. This will not only enhance shareholder value, but ultimately benefit Indonesian consumers.”
The mandatory tender offers were triggered by Qtel’s earlier indirect acquisition of a 40.81% stake in Indosat on June 22, 2008.
The Indonesian government has determined that Qtel’s total ownership will be limited to 65% of Indosat. Guided by this ruling, Qtel is thus offering to acquire an additional stake of up to approximately 24.19% of Indosat, after taking into account its existing 40.81% indirect stake in Indosat.
If more than 1,314,466,775 shares are validly tendered and not withdrawn in the offers, then proration rules will apply to ensure Qtel does not acquire more than 65% of Indosat’s shares.
The offers will be made through Indonesia Communications Pte. Ltd., a wholly-owned indirect subsidiary of Qtel, and are expected to be settled no later than fifteen (15) calendar days after they expire, estimated to be on March 5, 2009.
The tender offers are not subject to any conditions.
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