Indosat completes first secondary offering

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 ownership and plans to sell a 36.9% strategic stake later in the year.