Qatar Telecom Only Allowed To Buy 8.2% Of Indosat Shares
JAKARTA, Jul 25, 2008 (AsiaPulse via COMTEX) — The Capital Market and Financial Institution Supervisory Board (Bapepam-LK) said Qatar Telecom (QTel) is only allowed to buy a maximum of 8.2 per cent of Indonesian state telecommunications operator Indosat’s (JSX:ISAT) shares.
“There is a sectoral regulation restricting share purchases so QTel cannot buy more than 8.2 per cent of Indosat shares,” Bapepam-LK Chairman Fuad Rahmany said here on Thursday.
He said QTel must not violate a regulation allowing a foreign company to hold not more than 49 per cent of a national company’s shares. “We must safeguard the sectoral policy to protect the national interest,” he said.
Under a presidential regulation on the negative investment list, a foreign company is only allowed to control a maximum of 49 per cent of a national company’s shares, he said.
QTel was currently already controlling 40.8 per cent of Indosat shares so that it could only be allowed to increase its stake in the country’s second largest telecommunication operator by at most 8.2 per cent, he said.
Asked to comment on reports that QTel was cooperating with national businessman Rahmat Gobel to increase its shares in Indosat, Rahmany said he lacked precise knowledge about the cooperation.
“We have no objection to the cooperation but it will never make QTel control more than 49 per cent of Indosat shares,” he said.
(ANTARA)
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