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 on Friday. With the proceeds of this transaction, the Indonesian government will actually meet its privatisation target for the year, the first time this has ever happened.

The privatization process began on August 22 when...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222