S'pore's ST Telemedia snags Indosat

SINGAPORE--Info-communications group Singapore Technologies Telemedia (ST Telemedia) has agreed to acquire a 42 percent stake in Indonesia's second-largest telecommunications operator.

ST Telemedia's offer of 5.6 trillion rupiah (US$630 million) for Indosat (PT Indonesia Satellite) edged out Telekom Malaysia in a two-horse bidding race which ended last Friday.

The move is envisaged to strengthen ST Telemedia’s regional reach. The company is a wholly-owned subsidiary of IT conglomerate Singapore Technologies and a majority owner of local mobile and cable TV operator StarHub.

With the Indosat acqusition, Singapore will now have a significant stake in Indonesia's telecommunications market.

Singapore Telecommunications, Asia's sixth largest telco, currently owns a 35 percent stake in Indonesian mobile player PT Telkomsel.

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