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Singtel's bottom is probably around 3.4o to 3.42 tomorrow.
CAVEAT EMPTOR.
Singtel have the upper hand in this position, b'cos telkomsel is is the top telco in indonesia, indosat is no.2
Smart move indeed! Singapore Technologies Telemedia is "Pte Ltd" , i think Singtel "Ltd" will surge soon.
http://www.sttelemedia.com/content.asp?ContentId=1699
ST Telemedia Sells
Entire Indosat Stake
To Qatar Telecom
By TOM WRIGHT (online.wsj.com)
June 8, 2008 8:50 a.m.
JAKARTA -- An investment arm of the Singaporean government on Saturday said it will sell its entire holdings in Indonesia's second-largest cell-phone operator PT Indosat to Qatar Telecommunications Co. for $1.8 billion.
The arm, Singapore Technologies Telemedia Ltd., and Qatar Telecom currently own a 41% stake in Indosat through a joint-venture investment vehicle.
Analysts warned that the sale, conducted during a court battle between ST Telemedia and Indonesian anti-trust authorities could deter future foreign investment because ST Telemedia is being accused of misusing a dominant position in the market when it only holds a minority stake in the Indonesian company.
ST Telemedia continues to fight in Indonesia's courts to prove that it did not break broken local antitrust laws through holding its stake in Indosat.
In May, an Indonesian district court upheld an earlier ruling that ST Telemedia and Singapore Telecommunications Ltd., which holds a 35% stake in Indonesia's largest cell phone operator PT Telekomunikasi Selular, or Telkomsel, were guilty of using their dominant position to charge excessive prices for mobile phone calls.
The court ordered either ST Telemedia or Singapore Telecommunications to divest their stakes within a year. Both companies last month appealed that ruling at the Supreme Court, which is yet to make a decision.
ST Telemedia said in making the appeal that it "has never held a majority of shares in Indosat, and fails to understand how it can be found guilty" of misusing a dominant position considering its minority stake.
Indosat is listed and its shares are widely held. Indonesia's state-run phone company PT Telekomunikasi Indonesia owns the other 65% of unlisted Telkomsel.
ST Telemedia's decision to sell its Indosat stake surprised many analysts because, until now, the company has said it will fight the court case until the end. The decision is also likely to deter foreign investment in Indonesia because it sends a signal that companies don't expect fair treatment in local courts, analysts said.
"It doesn't show Indonesia to be a consistent applier of legal principles," said James Bryson, who runs HB Capital Partners, a Jakarta-based investment company.
Despite the legal problems, ST Telemedia's investment has been profitable. In 2002, it paid $650 million for a 41% stake in Indosat, at the time an ailing state-owned telecoms provider. The following year, Singapore Telecommunications paid $1 billion for its stake in Telkomsel.
Roger,thks for info
newbietrader ( Date: 08-Jun-2008 19:05) Posted:
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Hi lyr19688 and jackjames.
Div 6.9cents : XD shd be 6/Aug/08, Book close 8/Aug/08, Payable on 28/Aug/08
I think it shld be the above and to enjoy the dividend, juz have to hold to 5Aug08, 5pm (CD is on the counter). On 6Aug08 at 9am when u see the XD on the counter means u entitled to the dividend already and u can sell from 9am onwards.
Hi jackjames,
Thks for ur help appreciate it
jackjames ( Date: 07-Jun-2008 13:36) Posted:
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ST Telemedia sells entire stake in PT Indosat to Qatar Telecom for US$1.8b
By Gamar Abdul Aziz, Channel NewsAsia |
Posted: 07 June 2008 1933 hrs
SINGAPORE: Singapore Technologies Telemedia is selling its interest in the Indonesian telecoms firm Indosat.
In a statement, ST Telemedia said its joint venture with Qatar Telecom,
Asia Mobile Holdings, will sell its 41 per cent shareholding in Indosat
to Qatar Telecom.
The deal is worth S$2.4 billion or US$1.8 billion in cash.
After the transaction, ST Telemedia will no longer have any involvement in Indosat.
The Indosat stake is now the subject of a Supreme Court appeal in Indonesia.
On May 9, a Jakarta lower court upheld a ruling by Indonesia's
anti-competition watchdog that investment company Temasek Holdings and
its units had breached Indonesia's anti-monopoly laws.
Temasek fully owns ST Telemedia and also has substantial stakes in
SingTel, which owns a 35 per cent interest in another Indonesian
telecom firm, Telkomsel.
The Singapore investment company was ordered to either give up its
stakes in one of the two telcos or reduce its stakes by half in both
units within a year.
Temasek has always maintained that it does not control either Indosat or Telkomsel and is appealing the lower court decision.
Responding to queries from Channel NewsAsia, a Temasek spokesperson
said any decision about the stake in Indosat is determined solely by
the independent boards and management of ST Telemedia and its
associates.
The latest transaction will not affect ST Telemedia and Qatar
Telecom’s holding in Asia Mobile Holdings (AMH) or investments in other
markets made through the joint venture.
ST Telemedia will continue to own 75% of AMH, while Qatar Telecom will maintain a 25% stake. - CNA/vm
Ok,ok,ok....These are all not final yet until it's being approved at the company's AGM.....but usually it will be approved lah!
So........Final dividends = 6.9cts,,,,Last day to buy in cum divds on 5th Aug 08,,,, $$$ go into our bank on 28th Aug 08.
Hmmm.....hopefully, this will help ST to stay above $3.60 for the time being.
Thks for yr correction.
Div 6.9cents : XD shd be 6/Aug/08, Book close 8/Aug/08, Payable on 28/Aug/08
Interim Div 5.6cents : Paid on 10/Jan/08
Hi shplayer,
Thks for yr correction.
Div 6.9cents : XD shd be 6/Aug/08, Book close 8/Aug/08, Payable on 28/Aug/08
Interim Div 5.9cents : Paid on 10/Jan/08
Please note....xd is 6 Aug, you get paid 6.9c on 28 Aug.
i.e. as long as you buy on or before 5 Aug, you will be entitled to 6.9c divident. You will receive the $$ on 28 Aug.
http://info.sgx.com/webcorpinfo.nsf/revamp+new+list+of+corporate+distributions/?OpenView&RestrictToCategory=SINGTEL
Interim Div of 5.6c already xd on 17 Dec07 and paid 10 Jan 08.