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Indosat Ooredoo and Hutchison 3 merger plan got pushed back

18 August 2021 16:19

JAKARTA. PT Indosat Ooredoo Tbk (ISAT) and PT Hutchison 3 Indonesia once again extend their merger negotiation period. It was initially envisioned to be finalised on August 16, 2021.

Billy Nikolas Simanjuntak, Corporate Secretary of Indosat Ooredoo, claims that his company and Hutchison 3 have decided to carry out the merger negotiation until September 23, 2021. This deal replaces the non-legally binding memorandum of understanding (MoU) signed by both companies back on June 30, 2021.

“This extension is requested in order to provide more time for the involving parties so that they could come to the final agreement ending in possible transactions,” Simanjuntak explains further in the information disclosure.

Based on idnfinancials.com data, as of June 2021, ISAT has total assets of IDR 70.39 trillion. Ooredoo Asia Pte Ltd controls 65% of ISAT’s shares, while PT Perusahaan Pengelola Aset (Persero) owns another 14.29%. Lastly, public investors share the remaining 20.17%. (KR/ZH)

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