Tax amnesty boosts Telkom Indonesia share sale

Indonesia’s second-largest public company raised a more-than-expected $250 million on the back of improved market sentiment.

Telekomunikasi Indonesia raised $250 million late on Tuesday, more than double its original target, as the company took swift advantage of the improved market mood in Jakarta following news of a tax amnesty that is seen boosting capital inflows into the country. 

Indonesia's largest telecommunications services provider raised the funds by placing treasury shares, meeting with strong investor demand as the bellwether national stock revved up to hit a new record-high price. 

Jakarta’s approval on Monday of the long-awaited tax amnesty law more than offset the negative sentiment brought about by Britain’s surprise decision last week to withdraw from the European Union, lifting local shares....

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