A look at the Indosat saga

The Straits Times, May 5, 2007





BUYBACK CALL: An Indonesian protester last year urging the government to buy back Indosat shares.













December 2002
ST Telemedia pays 5.6 trillion rupiah (S$1.1 billion) for a 42 per cent stake in Indosat in an Indonesian government privatisation exercise.

The deal results in street protests and questions from politicians demanding inquiries into how it is done.


April 2003
A group of 57 prominent personalities files a class action suit to annul Indosat's divestment to ST Telemedia. The lawsuit fizzles out.


July 2005
Vice-President Jusuf Kalla says the government is considering raising its stake in Indosat by buying back shares it sold to ST Telemedia.


December 2005
Indonesian minister sends a letter to ST Telemedia indicating the government's strong interest in buying back its shares in Indosat.


2006
A series of letters and commentaries critical of Temasek and ST Telemedia appear in the local media.


December 2006
Two workers' unions file a complaint against Temasek.

Altimo announces plans to invest US$2 billion (S$3 billion) in Indonesia's telecoms sector


April 2007
One of the unions withdraws its complaints.