Telco of Switzerland Aims FREN

VIVAnews - A telecommunication company of Switzerland is reported to have intended to acquire PT Mobile-8 Telecom (FREN) trough a share acquisition.

An anonymous VIVAnews source said the company may purchase the majority of Mobile-8 shares to penetrate to the telecommunication business in Indonesia. "In addition, share prices are low," he said on Wednesday, March 11.

Mobile-8 Telecom President Director Wityasmoro Sih Handayanto Mobile-8 Director and Financial Chief, Anthony C Kartawiria, have not yet confirmed of the issue.

Per 30 January 2009, Jerasih Investment Ltd owned FREN-coded share by 32 percent; PT Global Mediacom Tbk by 19 percent; PT Bhakti Asset Management by 7.28 percent; Qualcomm Incorporated by 5.01 percent; and UOB Kay Hian Private Limited by 13.9 percent.

According to an analyst of PT Reliance Securities Tbk, Andrew Sihar, foreign investors may be interested in owning Mobile-8 shares. "It will affect the share movement," he said. 

In the first semester of 2008, Mobile-8 Telecom gained net profits of Rp 456.05 billion (US$38.5 million) and net losses of Rp 99.80 billion (US$8.3 million).

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Translated by: Bonardo Maulana Wahono