Hong Kong-based multinational conglomerate CK Hutchison has agreed with the Qatari multinational telecommunications company Ooredoo to extend the period of negotiations on a potential transaction to combine their respective subsidiaries Hutchison 3 Indonesia and Indosat, on an exclusive basis, until 30 June.
According to press releases from both parties, this extension will provide more time to complete the ongoing due diligence and negotiate the final terms of a possible combination of the entities.
As of the date of this announcement, no decision has been taken to proceed with a transaction and there is no certainty over what the scope or terms of such a transaction would be, informed Doha-headquartered provider of mobile, wireless, wireline, and content services.
"Any material developments concerning the transaction will be announced in due course," it added.
"Negotiations between the parties have been constructive but require more time to conclude," said the press note from CK Hutchison, the investment holding company which is committed to innovation and technology.
"No decision has been taken to proceed with any transaction, which remains subject to, amongst others, completion of satisfactory due diligence, agreement on terms, signing of definitive agreements, and obtaining of all required corporate and regulatory approvals," the company stated.