Indosat completes first secondary offering

The governement scales back its ambitions to achieve desired pricing while the company considers a high yieldbond to finance the buy out of Deutsche Telekom.

A reduced 83.5 million share deal was priced late Friday New York time by lead managers Danareksa and Credit Suisse First Boston, raising $110 million for the cash strapped Indonesian government. As a result of the offering, the government has sold 8.1% of the integrated telco, cutting its stake from 65% to 56.9%. This marks the first increase to the company's free float since its flotation in 1994, but the government now hopes to replenish public coffers by ceding majority...

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