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Associated
Press
05.17.2005, 07:02 AM
www.forbes.com
Telekom Malaysia Plans to List Excelcomindo
State-owned
Telekom Malaysia Bhd. is planning an initial public offering
this year for its 27.3 percent-owned PT Excelcomindo Pratama,
Indonesia's third largest mobile phone operator, a senior
Excelcomindo official said Tuesday.
"It will definitely
be this year," Christian De Faria, Excelcomindo's
new chief executive, told reporters following Telekom's
annual shareholders' meeting in Kuala Lumpur.
Telekom, Malaysia's biggest
telecommunications firm, bought the stake in Excelcomindo
in January. It has also signed an agreement that would
give it the option to buy an additional 52.7 percent stake.
Telekom Malaysia Chairman
Muhammad Radzi Mansor said shareholders Tuesday approved
the company's plans to buy the additional stake. They
also agreed to the company's plan to list its wholly owned
Sri Lankan unit, mobile phone operator MTN Networks Ltd.,
on the Colombo Stock Exchange this year.
Additionally, Telekom unit
TM International and Singapore Technologies Telemedia
Pte. are in the process of buying a 47.7 percent stake
in Idea Cellular Ltd., India's fifth-largest mobile phone
operator, Telekom officials said.
Telekom Malaysia Chief
Executive Abdul Wahid Omar said the company is "hopeful"
that Indian authorities will approve the deal.
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