Last checked at 30 Jun 2021 11:44
30 June 2021
Ooredoo Group Extends Exclusivity Period of MOU with CK Hutchison to Potentially Combine their Indonesian Businesses
Ooredoo Q.P.S.C. ("Ooredoo") - Ticker: ORDS and CK Hutchison Holdings Limited ("CK Hutchison") (together the "Parties") are currently in advanced discussions regarding a possible transaction to combine their respective telecommunications businesses in Indonesia, PT Indosat Tbk ("Indosat") and PT Hutchison 3 Indonesia ("3 Indonesia").
Discussions between the Parties have been progressing well and are at an advanced stage. To allow time to finalise definitive agreements, the two Parties have extended the period of exclusivity for the non-legally binding Memorandum of Understanding (MoU) in relation to the possible transaction until 16 August 2021.
The combination of Indosat and 3 Indonesia would bring together two of Indonesia's leading mobile telco brands to create a new world-class digital telecommunications company. The combined company would have the scale and financial capabilities to drive innovation and accelerate the transformation of Indonesia into a digital society.
As of the date of this announcement, no decision has been taken to proceed with a transaction. Any material developments with respect to the transaction will be announced in due course.
- Ends -
About Ooredoo
Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers the leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.
Ooredoo generated revenues of QAR 29 billion as of 31 December 2020. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.