Doha, Feb. 19 /PRNewswire-Asia/ -- Qatar Telecom (Qtel) Q.S.C. ("Qtel") today announced the expiration and preliminary results of its concurrent tender offers, through its wholly-owned subsidiary Indonesia Communications Pte. Ltd., to acquire Series B Shares of PT Indosat Tbk. (IDX: ISAT; NYSE: IIT), an Indonesian company ("Indosat" and, such shares, "Series B Shares"), pursuant to an Indonesian offer, and to acquire American Depositary Shares representing Series B Shares ("ADSs") pursuant to a U.S. offer. The offers expired at 3:00 a.m., New York City time (which is 3:00 p.m., Jakarta time), on February 18, 2009. In the aggregate, Qtel had offered to purchase up to 1,314,466,775 Series B Shares (including Series B Shares underlying ADSs) in the offers, representing approximately 24.19% of the total issued and outstanding Series B Shares (including Series B Shares underlying ADSs) of Indosat.
Based on preliminary information provided by The Bank of New York Mellon, the ADS tender agent for the U.S. offer, and PT Danareksa Sekuritas, the share tender agent for the Indonesian offer, a total of approximately 17,705,799 ADSs were validly tendered into the U.S. offer and not withdrawn, and a total of approximately 1,439,620,500 Series B Shares were validly tendered into the Indonesian offer and not withdrawn, representing an aggregate of approximately 2,324,910,450 Series B Shares (including Series B Shares underlying ADSs). Each ADS represents fifty (50) Series B Shares. Because the number of Series B Shares (including Series B Shares underlying ADSs) tendered into the offers exceeds the aggregate number of Series B Shares that Qtel offered to purchase in the offers, the proration rules will apply pursuant to the terms of the offers. Qtel currently expects that the proration factor will be approximately 56.54%.
The number of ADSs and Series B Shares validly tendered and not withdrawn and the proration factor are both preliminary and subject to verification. The actual number of ADSs and Series B Shares validly tendered and not withdrawn and the proration factor will be announced on or about February 20, 2009.
About Qtel
Qatar Telecom (Qtel), a corporation organized under the laws of Qatar and headquartered in Doha, Qatar, is Qatar's sole telecommunications provider and one of the largest public companies in that country. Qtel provides a wide range of telecommunications products including, among others, national and international GSM mobile services, internet and cable television services. Qtel's shares are listed and traded on the Doha Securities Market and the Abu Dhabi Securities Market, and the Global Depository Receipts of Qtel are traded on the London Stock Exchange.
Forward-looking Statements
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forward-looking statements, and we disclaim any intent or obligation to update these forward-looking statements.
For more information, please contact:
For Qtel
Nick Swierzy
Tel: +974-559-9686
Email: NSwierzy@qtel.com.qa
International PR
Diana Footitt
Tel: +852-9183-0667
Email: diana.footitt@fd.com
Laurel Teo
Tel: +65-8228-1061
Email: laurel.teo@fd.com
Indonesia PR
Dian Safitri
Tel: +62-811-852-004
Email: dian.safitri@inkemaris.com
Armand Maris
Tel: +62-812-825-0440
Email: armand.maris@inkemaris.com