Christmas comes early for Indonesia

The sale of the government''s 42% stake Indosat raises a windfall of $631 million.

They were dancing in the corridors of power in Jakarta at the weekend after the hugely successful privatization of the government's 42% stake in PT Indosat. Singapore Technologies Telemedia STT agreed to pay Rp12,950 a share, a 51% premium to Friday's closing price of Indosat stock.

In what has to be one of the cleanest privatization exercises the Indonesian government has ever conducted, STT beat out its only other rival bidder, Telekom Malaysia when final bids were submitted at 5pm...

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