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S&P: Excelcomindo unaffected
Standard & Poor's said the potential change in ownership of PT Excelcomindo Pratama (B+/stable/--) will not in itself have an impact on the company's credit rating and outlook.
Telekom Malaysia Berhad (foreign currency A-/stable/--, local currency A/stable/--) has reached an agreement to acquire a 27.3% stake in Excelcomindo for $314 million.
Post acquisition, S&P said the Rajawali group, through PT Telekomindo Primabhakti, will hold about 60% in Excelcomindo, Telekom Malaysia, through TM International (L) Ltd., will have a 27.3% stake and AIF (Indonesia) Ltd., with 12.7%. Telekom Malaysia plans to further increase its stake in Excelcomindo to achieve a majority shareholding in 2005.
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