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June 8, 2008

Temasek unit disposes stake in Indosat

Singapore Technologies Telemedia (STT), a wholly-owned unit of state-linked investment firm Temasek Holdings, has sold off its interest in Indonesian telecom firm PT Indosat to business partner Qatar Telecom.

Qatar Telecom will pay $1.8 billion for the 40.8 percent stake in PT Indosat held by Asia Mobile Holdings, a joint venture firm between the Qatari outfit and STT, the company said Saturday.

"ST Telemedia will no longer have any involvement in Indosat," it said in the statement.

The disposal of the stake came after an Indonesian competition watchdog ruled that Temasek has broken the country's anti-monopoly laws and ordered the Singapore investment firm to divest its holdings in either PT Indosat or PT Telkomsel.

Temasek indirectly holds 35 percent of PT Telkomsel via its 56-percent owned unit Singapore Telecommunications Ltd (SingTel).

Indonesia's Central Jakarta district court last month upheld the ruling by the country's competition watchdog and Temasek subsequently filed an appeal to the Indonesian Supreme Court.

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