By IANS
Abu Dhabi : United Arab Emirates (UAE)-based telecommunications services company, Etisalat has announced the acquisition of a 15.97 percent stake in the third largest mobile operator in Indonesia, Excelcomindo, WAM news agency reported Wednesday.
The $438 million deal values Excelcomindo at $2.742 billion.
This investment represents an important step for Etisalat’s expansion strategy in Asia, the company’s chairman Mohammad Hassan Omran said.
The deal gives Etisalat the right to nominate one member each on Excelcomindo’s Board of Directors and Board of Commissioners.
Excelcomindo currently has around 13 million mobile subscribers in Indonesia and has a market share of approximately 14 percent. It has built one of Indonesia’s highest quality mobile networks, with fibre optic transmission infrastructure covering all major cities.