PT Telkom to buy back its shares (Indonesia)

Indonesia’s telecommunications giant PT Telkom is expected to buy back Rp5 trillion ($500 million) worth of its shares from the investing public. The buyback will strengthen control by the government in the state-owned company. The shares to be bought back will include shares listed on the New York Stock Exchange and the Jakarta Stock Exchange. Telkom, which is 51 per cent owned by the government, has 7 per cent of its shares listed on the New York Stock Exchange.