Indonesian telecommunications company Indosat has no plans to sell its stake in Cambodia’s Camintel phone network, a company executive said Wednesday.
Camintel Managing Director Steve Januar in a statement Wednesday denied a report in The Jakarta Post newspaper that stated the company was considering selling its stake in several overseas joint ventures, including Camintel.
“Indosat has no plan to divest its shares in Camintel,” Januar wrote. “Indosat’s investment in Cambodia remains its most important investment in the Southeast Asian region.”
Camintel is a joint venture between Cambodia’s Ministry of Posts and Telecommunications and PT Indosat.
The network, a $24 million rehabilitation of the phone network set up by Untac in 1991, has been on line since 1996.
The system has about 3,000 subscribers across Cambodia, according to the ministry. Januar wrote that Indosat is “still committed” to working with the ministry in ”expanding Camintel’s business.”
The Jakarta Post last week cited an unnamed Indosat executive as saying the telecommunications firm was considering parting with its stake in several joint ventures, including Alfanet Telecom in Canada and some interests in Indonesia.
The executive told the newspaper that the decision to sell its shares in its subsidiaries was
driven by the company’s business strategy to focus on its domestic telecommunications business. However, no final decision had been made on any of the companies, he was quoted as saying.
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