Qatar Telecom (Qtel) Q.S.C (“Qtel”) today announced that Asia Mobile Holdings Pte. Ltd. (“AMH”), a jointly held subsidiary with Singapore Technologies Telemdia Pte. Ltd. (STT) will sell its 40.8% stake in PT Indosat Tbk (“Indosat”) to Qtel. 
 
Under the terms of the Agreements dated 6 June 2008, Qtel has agreed to pay S$2.4 billion (US$1.8 billion) in cash to acquire AMH’s total interest in Indosat.
 
As a result, Qtel’s effective stake will increase from 10.2% to 40.8%. Qtel intends to continue working with STT in the AMH joint venture vehicle, and as a result of this transaction, STT will no longer hold any interest in Indosat.