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||8 October 2009
Indonesia’s telecom giant to shed stakes in subsidiaries
Indonesia’s largest telecommunication operator, PT Telekomunikasi Indonesia (Telkom), on Wednesday announced it was in the process of finding buyers for entire ownership of PT Citra Sari Makmur (CSM) and PT Pasifik Satelit Nusantara, the Jakarta Post reported.
Telkom information technology director Indra Utoyo said the divestment was part of the company’s plan to focus on businesses that it had majority ownership of. Telkom currently controls 25 percent of shares in land network operator CSM and 35 percent of shares in satellite operator PSN.
Telkom recently divested 40 percent ownership in terrestrial network provider PT Patra Telekomunikasi Indonesia (Patrakom).
Based on Telkom’s website, it has a total of 15 business units and more than a 50 percent share of ownership of three companies, between 20 and 50 percent ownership of three companies and less than 20 percent ownership of three companies.
“Rather than investing in small units, we prefer to spend money on divisions where we have majority ownership, such as Metra (PT Multimedia Nusantara),” Indra said. Metra is 100 percent Telkom controlled.
Indra said Telkom was having difficulty finding buyers for CSM and PSN, citing no offers so far had matched Telkom’s selling prices.
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