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Merger negotiation between Indosat and Hutchison 3 is extended

29 April 2021 05:38

JAKARTA. Ooredoo Group extends its negotiation period of merging PT Indosat Tbk (ISAT) and PT Hutchison 3 Indonesia to allow both parties to conduct due diligence more comprehensively.

Billy Nikolas SImanjuntak, the Corporate Secretary of ISAT, stated that the merger negotiation would still run until June 30, 2021. “This prolongation would give additional time for both sides to complete its due diligence,” Simanjuntak explained through the information disclosure in Indonesia Stock Exchange, Wednesday (28/4).

On the same occasion, Ooredoo QPSC, the shares controller of ISAT, also claimed that both parties have not yet reached an agreement upon the transaction. These companies also have not decided how the merger process is going to be carried out.

“Every tangible development regarding this transaction would be revealed when the time comes,” the management clarified.

According to idnfinancials.com, ISAT owns total assets of IDR 62.78 trillion by December 31, 2020. Meanwhile, its cash and cash equivalents were reported at IDR 1.78 trillion. (KR/ZH)

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