In a move that will surprise few, competitor banks report that Danareksa has selected CSFB to join it as lead manager for a first follow-on offering in Indosat shares. Banks which had been hoping to see a second global co-ordinator appointed, are likely to be disappointed. However, CSFB has had a long and close association with the telecom operator and its sole appointment marks a logical step now that the government seems likely to sell most of its remaining 65% stake to a strategic investor rather than through the public markets.
Timing and size of a deal still remain unclear given the large number of issues to be resolved. Local observers report that the government...
