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May 22, 2008

Temasek files appeal against telco ruling

Singapore state investor Temasek Holdings has filed an appeal against an Indonesian court ruling that it divests its stake in one of two mobile phone companies, Reuters reported Thursday.

"Temasek has filed an appeal to Indonesia's Supreme Court," Reuters quoted the firm as saying in a statement. "Temasek has not broken any laws and will vigorously contest all allegations against us."

An Indonesian district court on May 9 ordered Temasek and its affiliates to sell its holdings in either PT Telekomunikasi Selular (Telkomsel) or PT Indosat Tbk , upholding an earlier ruling by the country's anti-trust body.

The Singapore state investor has denied engaging in anti-competitive behaviour, saying it owned minority stakes in both mobile operators.

Asia Mobile Holdings, which is 75 percent owned by Temasek, holds around 40 percent of Indosat. Temasek, through Singapore Telecommunications Ltd , also has a 35 percent stake in Telkomsel.

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