PT Telekomunikasi Indonesia Tbk (Telkom), Indonesia's largest cellular operator, has mandated PT Bahana Securities as a financial adviser regarding to the proposed buyback stake in PT Telekomunikasi Selular (Telkomsel) from Singapore Telecommunication (SingTel).
Telkom President Director Rinaldi Firmansyah said the proposed buyback has obtained approval from Telkom's shareholders.
He said Bahana will hold a stock valuation and set buyback price. Telkom aims to hold a beauty contest for 4-5 foreign investment banks to pick another financial adviser. Telkom is holding 65% stake in Telkomsel and SingTel holds the remaining.
Disclosure: No position at the stock mentioned above.
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