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SINGAPORE : SingTel has denied talk that it is selling its stake in Indonesia's PT Telkomsel - calling it "pure market speculation".
It also said that it was not in contact with Setdco Group over its supposed bid for the 35 percent stake in Indonesia's largest mobile operator.
The comment came after the Indonesian group said it had informed SingTel of its intention to buy over the shareholding.
According to Setdco Chief Executive Officer Setiawan Djody, he had written to SingTel, its parent company Temasek Holdings and the Singapore government about the plan but had yet to receive a response.
He said, "I've written to the Singapore government on our readiness to buy back at a fair price which we will jointly decide. At that time, the total was 22.3 percent. After that, SingTel acquired another 12.7 percent."
Setdco is valuing the 35 percent stake at some US$1.6 billion or S$2.4 billion.
It was part of the joint venture KPN Media, which previously held a 22.3 percent stake in Telkomsel.
The stake was taken over by the government when KPN Media collapsed in the wake of the Asian financial crisis. - CNA/ms
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