#Qatar's Ooredoo, CK Hutchison complete $6bln merger of Indonesian units | ZAWYA MENA Edition

Qatar's Ooredoo, CK Hutchison complete $6bln merger of Indonesian units | ZAWYA MENA Edition

Qatar’s telecoms company Ooredoo and CK Hutchison Holdings Ltd has completed the $6 billion merger of their Indonesian telecom businesses after securing all shareholder and regulatory approvals.

The newly merged company, named PT Indosat Ooredoo Hutchison Tbk, is effective from today, 4 January 2022, the companies said in a joint statement on the Abu Dhabi Securities Exchange, where Ooredoo's shares trade.

Indosat Ooredoo Hutchison will be jointly controlled by Ooredoo Group and CK Hutchison with a 65.6 percent shareholding. It will remain listed on the Indonesian Stock Exchange under the ticker ORDS, with the Government of Indonesia retaining a 9.6 percent shareholding, PT Tiga Telekomunikasi Indonesia holding a 10.8 percent shareholding, and other public shareholders holding approximately 14 percent.

Indosat Ooredoo Hutchison has thus become the country's second biggest telecoms company after state-owned Telkomsel.

Hong Kong's CK Hutchison and Qatar's Ooredoo agreed in September 2021 to merge their Indonesian telecom units in a $6 billion deal.