Overseas buyers acquired 5.5 billion shares in Bakri for $65 million.(PT Bakrie Telecom)(Brief article)

Asia Pacific Telecom, March, 2006

According to Bisnis Indonesia, PT Bakrie Telecom has launched an IPO. The issue was oversubscribed by 1.14 times. There was a demand for 6.26 billion shares. Overseas buyers purchased 5.5 billion shares for $65 million. Thus the total stake acquired by them was 62.25 percent, of which 80 percent went to corporate investors based in the British Virgin Islands and Singapore.

Out of the balance from domestic investors, 90 percent n[dagger]vestment came from retail investors. The company is planning to use the funds collected for the development of its telecom network. The underwriter of IPO said that the company was listed on the Jakarta Stock Exchange some days ago.