Indonesian cellco PT Mobile-8 Telecom is looking to raise as much as Rp3.7trn (US$413m) via a rights issue to buy rival PT Smart Telecom, according to Merza Fachys, Mobile-8’s chief executive, cited by Reuters.
The process is expected to be completed…
Indonesian cellco PT Mobile-8 Telecom is looking to raise as much as Rp3.7trn (US$413m) via a rights issue to buy rival PT Smart Telecom, according to Merza Fachys, Mobile-8’s chief executive, cited by Reuters.
The process is expected to be completed before the end of the year.
Smart Telecom is controlled by Sinar Mas Group, an Indonesian conglomerate. Earlier this year, Sinar Mas bought a 19% stake in Mobile-8 for US$22.5m.
Mobile-8 has 3 million subscribers while Smart has 2.5 million.
Neither company could be reached for comment.
