Qtel Subsidiary Indosat Seal $406 Million Deal

Doha, August 05 (QNA) - Qatar Telecom (Qtel) subsidiary PT Indosat Tbk "Indosat" announced the closing of its sale and lease back transaction for 2,500 towers with PT Tower Bersama Infrastructure Tbk "Tower Bersama" or "TBIG" for an upfront consideration of USD 406 million (subject to certain closing adjustments). The consideration consists of a cash component and 239,826,310 newly issued TBIG shares, representing 5% of TBIG s enlarged share capital, the company said in a statement. The cash proceeds from the transaction will be applied towards repayment of outstanding debt, on-going capital investment and general corporate purposes. Approvals required of Indosat bondholders and lenders and Tower Bersama s shareholders have been obtained. Qtel Telecom, a Qatari public shareholding company, is a leading international communications company, with a significant presence in the MENA region and Southeast Asia. It operates a portfolio of brands including Qtel, Indosat, Asiacell, Wataniya, Nawras, Nedjma and Tunisiana. Qtel's principle activities are mobile telephone services, broadband solutions, digital futures and fiber technologies, serving both consumer and business markets. (QNA)