Telekom Malaysia yesterday December 10 announced that it was paying $314 million for a 27.3% stake in PT Excelcomindo Pratama Excelcom, XL. Telekom Malaysia also gets management and board control as well as an option to increase its stake in 2005 to over 50%.
There is some lack of clarity over whose shares Telekom Malaysia is buying. The 27.3% stake is the same amount as that held by Verizon and Mitsui before the transaction. However the deal struck by Telekom Malaysia was with the majority owner, the Rajawali Group.
It is likely therefore that the Rajawali Group had bought back the shares from Verizon and Mitsui,...
