Telkom Officially Controls 80% of Patrakom Shares

  • September 30, 2013
Jakarta (Indotelko) - PT Telekomunikasi Indonesia Tbk (Telkom) officially controls 80% of PT Patra Telekomunikasi Indonesia (Patrakom) shares after signing a Sales Purchase Agreement (SPA) aka Deed of Sale and Purchase of 40% shares owned by PT Elnusa Tbk (Elnusa) in the company at Wednesday (9/25).

Quoted from the Telkom Solution website, the Signing of the Conditional Sales Purchase Agreement (CSPA) for this transaction was previously carried out on June 28, 2013.

Telkom previously had a 40% stake in Patrakom. After SPA made Telkom as the majority shareholder in the VSAT player. While the remaining 20% ??is owned by PT Tanjung Mustika.

As one of the requirements for the Company's share transfer process that must be fulfilled, the CSPA process for Elnusa shares has received approval from the Ministry of Telecommunications and Information through letter No. 898 / M.KOMINFO / 2013 dated September 23, 2013.

In the statement when the CSPA was carried out it was revealed the transaction value for 40% of Patrakom's shares was valued at Rp 45.6 billion.

"The process of transferring these shares into the hands of Telkom took quite a long time, which is almost one year. From the technical and managerial side, Patrakom fell into the right hands namely Telkom," said Elnusa's Managing Director, Elia Massa.

Telkom Innovation Strategic & Portfolio Director Indra Utoyo added that this transaction was a strategic step for Telkom to strengthen its position in the satellite services business.

He explained, the coporation action was carried out because Patrakom had been strong in the mining, oil & gas and maritime segments. "Considering that Indonesia is a maritime country, Patrakom will enter broadband maritime," he explained.

Just for the record, since 2010 Telkom has plans to release 40% of its share ownership in Patrakom. At that time Telkom had appointed PT Bahana Securities as an advisor to release the two subsidiaries and it is estimated that the corporate action was completed in the third quarter of 2010.

The reason Telkom wanted to release Patrakom at the time was because the business it was doing was also carried out by other subsidiaries such as Metra-Sat which also leased VSAT services.

Currently the licenses owned by Patrakom are Closed Fixed Network Operations, Internet Access Service Providers, Network Access Points (NAP), Interconnection Services Providing, and Siskomdat or Providing Data Communication System Services.