Mandara sells 82% of its shares to Twinwood Venture Ltd.
PT Mandara Selular Indonesia, the only operator of CDMA 450 in the
country has sold 82% of its shares to Twinwood Venture Ltd and Polaris
Mobile at a price of Rp 545.2 billion (US$ 57.3 million). Twinwood,
which is based in the Republic of Seychelles in eastern Africa acquired
58% of the shares of the Indonesian company at a price of Rp 382.2
billion and Polaris from Singapore bought a 24.7% stake at a price of Rp
163 billion. The two companies acquired the shares from foreign
shareholders including Brighton Corp., Pillar Numerisa Ltd, Iyan Darmadi
and Rajasa Hasanah, and local shareholders including Properi Jaya and
Graha Utama, an official of the capital investment board (BKPM), Netap
Perangin Angin said. Mandara was formerly PT Mobisel when it was an
operator of cellular phone based on the technology of Nordic Mobile
Telephone (NMT). Later it was reported that Twinwood is owned by the
tycoon Sampoerna family, which recently received large fund from the
sales of its cigarette giant H.M. Sampoerna.