CK Hutchison, Ooredoo complete merger of Indonesian subsidiaries

Hong Kong's CK Hutchison Holdings Ltd. and Qatar's Ooredoo have completed the merger of their respective Indonesian businesses, PT Hutchison 3 Indonesia and PT Indosat Tbk, the companies announced Jan. 4.

CK Hutchison and Ooredoo will jointly control the new entity, PT Indosat Ooredoo Hutchison Tbk, with a 65.6% holding, while the Indonesian government will hold a 9.6% stake. PT Tiga Telekomunikasi Indonesia owns 10.8% and other public shareholders hold approximately 14.0%.

Indosat Ooredoo Hutchison will remain listed on the Indonesian Stock Exchange under the ticker ORDS.

Indosat Ooredoo COO Vikram Sinha will be CEO of the new entity, with Nicky Lee as CFO.

The companies agreed to the merger in September 2021 in a deal valued at approximately $6 billion. The new company is expected to generate approximately $3 billion in annual revenue.