Announcement Details :
With regards to the proposed sale of the base transmission stations ("Proposed Sale of Towers"), TMI wishes to inform that PT Excelcomindo Pratama Tbk ("XL") has proposed to undertake the Proposed Sale of Towers for inter-alia, the following reasons:-
- To take advantage of the growth of the tower industry in Indonesia;
- To take advantage of being the first telecommunications operator which sells its tower (passive infrastructure) in a huge amount; and
- To comply with the provision regarding the use of joint telecommunications tower as stipulated by the Minister of Communication and Information Technology of the Republic of Indonesia.
XL has yet to procure a mandate from its shareholders for XL to proceed with the Proposed Sale of Towers. In this respect, XL had, on 5 August 2008, announced to the Indonesian Stock Exchange a notice of the extraordinary general meeting shareholders ("EGMS") to be convened on 3 September 2008 and provided brief information regarding, inter-alia, the Proposed Sale of Towers ("Announcement of the Transaction Plan"). We have enclosed the Announcement of the Transaction Plan with this announcement.
Following that XL had on 19 August 2008 conducted the Summons of the EGMS and circulated the circular on inter-alia, the Proposed Sale of Towers.
TMI currently holds 83.79% of the issued and paid-up share capital of XL, through TMI's wholly-owned subsidiary, Indocel Holding Sdn Bhd. Insofar as TMI's involvement in the Proposed Sale of Towers, TMI will be seeking its Board of Directors' decision on whether to vote for the mandate for the Proposed Sale Towers at XL's forthcoming EGMS.
TMI will in due course make an appropriate announcement to Bursa Malaysia Securities Berhad.
This announcement is dated 20 August 2008.
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