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Indonesia mobile firm’s tower sale plans on track

 
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November 2, 2008

Indonesia mobile firm’s tower sale plans on track
Indonesia's third largest mobile phone operator, PT Excelcomindo Pratama Tbk, is on track to complete the planned sale of its telecommunication towers for nearly $1 billion, a business weekly said on Saturday.

Excelcom, majority controlled by Malaysia's TM International Bhd, will use the funds for expansion and to repay debt, the Edge business weekly said.

"A decision is expected by November... Plans are unaffected (by the credit crunch). We expect to raise between $700 million and $900 million from the 7,000 towers," the weekly quoted Hasnul Suhaimi, the company's president director, as saying.

Hasnul said the company has received positive feedback from those interested in purchasing its towers, including the ability for them to secure the necessary funding despite the tight credit situation globally.

"The (winning) entity will be locally incorporated, fulfilling the government's conditions. But the funding can be from both local and foreign sources... they (buyers) have expressed their commitment," he said.

TMI controls 83.8 percent of Excelcom while Emirates Telecommunications Corp holds a 15.97 percent stake in the Indonesian company.

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