PT Mobile-8 Telecom to sell 3.9 billion shares in IPO
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Indonesian cellular operator PT Mobile-8 Telecom plans to sell 3.9 billion shares, equivalent to a 19.91 per cent stake in the company, in an IPO around end November, 2006. The company has not yet determined the offer price, but expects to list the shares on the Jakarta Stock Exchange and the Surabaya Stock Exchange. It is planning to use 57 per cent of the proceeds from the IPO to expand its cellular services across the country while the remaining will be used as working capital. Separately, Lehman Brothers has given PT Mobile-8 Telecom a $70 million loan facility, secured against 70 million of the company warrants. The term for conversion of the warrants will depend on the pricing of the IPO.
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