PT Indosat, the country’s second largest telecommunications firm, will again undergo a management shake-up to accommodate for its changed ownership structure after Qatar Telecom QSC (Q-Tel) recently bought a stake in the company.

Indosat will soon hold a shareholders meeting to seek approval for a shake-up of its boards of directors and or commissioners, president director Johny Swandi Sjam said Monday.

Q-Tel purchased in June a 40.8 percent stake in Indosat from Asia Mobile Holdings Pte — Q-Tel’s venture company with Singapore Technologies Telemedia Pte Ltd (STT), a unit of Temasek Holdings Pte.

Temasek had been ordered by anti-monopoly watchdog the Business Competition Supervisory Agency (KPPU) to relinquish its indirect ownership of either Indosat or PT Telekomukasi Selular (Telkomsel). The KPPU’s decision was in May upheld by a Jakarta court.

Another Temasek’s unit, Singapore Telecommunications Ltd (Singtel), controls a 35 percent stake in Telkomsel.

Temasek and its two units deny any wrongdoings and are currently appealing the court’s decision.

“The shareholders meeting will be held in four weeks time at the earliest because of the stock exchange rule,” Indosat director of marketing Guntur S. Siboro said.

Last month, the company held a number of shareholders meetings, during which three commissioners, Roes Aryawijaya, Lee Theng Kiat and Setio Anggoro Dewo, replaced with Jarman, George Thia and Ronald Silaban.

Guntur also said the company was not planning to seek more cash beyond the US$450 million it garnered in loans from a consortium of 13 banks last Saturday to strengthen this year’s capital expenditure.

Sumber : (mri) The Jakarta Post ,  Jakarta