Indonesia’s fourth largest telco by subscribers Bakrie Telecom has sold a 10% stake in the company to Sampoerna’s telecom unit, Sampoerna Telekomunikasi Indonesia (STI), as part of a share swap deal between the two CDMA operators. In a joint statement yesterday, the pair confirmed that STI will acquire 10% of Bakrie Telecom for USD90 million, and in return Bakrie will take a 35% stake in STI through the share swap deal that includes options for it to become the majority shareholder in the venture in the next three years. Commenting on the transaction, Bakrie Telecom CEO Anindya Bakrie said: ‘Both Bakrie Telecom and STI’s shareholders agreed to integrate the two business operations under one management in Bakrie Telecom
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OVETEL STI buys stake in Bakrie Telecom
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