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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.
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Title Annotation:PT Mandara Selular Indonesia, Polaris Mobile
Comment:Mandara sells 82% of its shares to Twinwood Venture Ltd.(PT Mandara Selular Indonesia, Polaris Mobile )
Publication:Indonesian Commercial Newsletter
Article Type:Brief Article
Geographic Code:9INDO
Date:May 25, 2005
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