Qatar Telecom (Qtel) Q.S.C. (“Qtel” or “Qtel Group”) (Ticker: QTEL.QA) subsidiary PT Indosat Tbk (“Indosat”) announced the closing of its sale and lease back transaction for 2,500 towers with PT Tower Bersama Infrastructure Tbk (“Tower Bersama” or “TBIG”) for an upfront consideration of USD 406 million (subject to certain closing adjustments). The consideration consists of a cash component and 239,826,310 newly issued TBIG shares, representing 5% of TBIG’s enlarged share capital.
  
The cash proceeds from the transaction will be applied towards repayment of outstanding debt, on-going capital investment and general corporate purposes.