Although global equity markets remain turbulent and difficult, an accelerated share placement for PT Telkom enjoyed a remarkably smooth execution to completion on Monday night. Ironically, the 3% government divestment may have also benefited from the fact that some investors re-weighting from the scandal-plagued US view Indonesia as a safe haven to put funds to work.
About 50% of the Rp1.13 trillion $125 million deal comprised new investors and many were said to have participated because they felt they missed an opportunity when the government completed its previous divestment in December. With Bahana Securities and UBS Warburg as joint-lead managers to the new deal, the government sold 312 million shares at Rp3,635, a 3% discount...
