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Telkom-Indosat

Half-Hearted Swap?

Tuesday, May 15, 2001

Shareholders of Telkom and Indosat approve of a swap transaction worth $1.5 billion, but Telkom employees in Central Java are not swayed.

. tempo : 173233528193.

EMPLOYEES of PT Telkom Regional Division IV of Central Java and Yogyakarta staged protest rallies recently. The bosses of Telkom and Indosat, however, simply turned a deaf ear. In a general meeting of shareholders last Friday, the owners of the two publicly listed firms gave their agreement to a US$1.544-billion swap of the two firms' assets, a decision triggering protests from Telkom employees. The swap agreement allows Telkom to control the majo...

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