Telekom Malaysia raises stake in Indonesian cellular unit

KUALA LUMPUR (AP): State-owned Telekom Malaysia said Thursday it would buy a further 7.4 percent stake in its Indonesian cellular unit, PT Excelcomindo Pratama, for US$113 million (euro94 million).

Its unit, TM International (L) Ltd., will buy the shares from AIF (Indonesia) Ltd., bringing Telekom's total stake in the Indonesian mobile phone company to 66.98 percent, it said in a statement to the stock exchange.

The deal is expected to be complete next month, funded by internally generated funds or debt or a combination of both, Telekom added.

State-owned Telekom, which has embarked on a regional expansion, has investments in Indonesia, India, Singapore and Thailand. It has said it was eyeing investments in the region including Vietnam, Cambodia and Laos. (**)
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