Ooredoo and CK Hutchison announced the completion of the merger of their businesses in Indonesia, Indosat and Hutchison 3 Indonesia — creating second largest mobile telecoms company.
The merged company — called Indosat Ooredoo Hutchison — will be the new second largest mobile telecoms company in Indonesia, with an estimated annual revenue of approximately $3 billion.
The merger realises significant operational synergies that will deliver cost efficiencies and facilitate deeper innovation and network enhancements, including the rollout of 5G in Indonesia.
Vikram Sinha, Chief Operating Officer (COO) of Indosat Ooredoo since 2019, will lead Indosat Ooredoo Hutchison as its new Chief Executive Officer (CEO). Nicky Lee has been appointed as Chief Financial Officer (CFO) of Indosat Ooredoo Hutchison. Ahmad Abdulaziz Al-Neama and Eyas Assaf have joined Ooredoo Group.
Ooredoo Group and CK Hutchison will have 65.6 percent stake in Indosat Ooredoo Hutchison. It will remain listed on the Indonesian Stock Exchange under the ticker ORDS, with the Government of Indonesia retaining a 9.6 percent stake, Tiga Telekomunikasi Indonesia 10.8 percent stake, and other public shareholders holding approximately 14 percent.