Indonesian conglomerate Bakrie & Brothers has sold an approximately 10% stake in its mobile operator unit Bakrie Telecom to financial investor Mount Charlotte, Reuters reported.
The company sold a total of 4.3 billion shares at Rp340 (US$0.037) each,…
Indonesian conglomerate Bakrie & Brothers has sold an approximately 10% stake in its mobile operator unit Bakrie Telecom to financial investor Mount Charlotte, Reuters reported.
The company sold a total of 4.3 billion shares at Rp340 (US$0.037) each, bringing the total deal value to US$159m, according to a notice to the Indonesia Stock Exchange. The name of the buyer was not disclosed in the announcement, but Bakrie & Brothers said that following the transaction, it would be left with a 29.95% stake in Bakrie Telecom.
According to local reports, the conglomerate has been selling stakes in a few subsidiaries of late in order to repay its debt and fund new investments.
Bakrie Telecom was not immediately available for comment before the press deadline.
