Billionaire Widjaja Family's Smartfren, Axiata In Talks To Merge Indonesian Telecom Business [Forbes]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Forbes
—controlled by billionaire 's Sinar Mas—said Wednesday it has signed a non-binding memorandum of understanding with Malaysia's Axiata Group to explore a potential merger of their telecommunications business in Indonesia. The proposed merger is still in the early stages of evaluation, with both parties conducting due diligence, Smartfren said in a regulatory to the Indonesia Stock Exchange. Should the discussion result in a business combination, both Axiata and Sinar Mas aim to remain major shareholders in the merged entity. Indonesia—Southeast Asia's largest economy—has four mobile phone carriers, the smallest of whom are XL Axiata and Smartfren. Combining the two companies will create a larger company with a combined subscriber base of about 94 million, giving the enlarged entity a stronger footing to compete with bigger rivals such as Indosat Ooredoo Hutchison which has 97 million subscribers and state-owned Telkomsel with 159 million subscribers. The telecommunications indus
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