State-owned telecommunications company, PT Telekomunikasi Indonesia (Telkom), plans to sell a 20 percent stake in IT services firm PT Sigma Cipta Caraka to a strategic partner, said Chief Executive Arief Yahya.
Proceeds from the sale will be used for working capital, Yahya said, adding that the firm expects to form a new strategic partnership next year.
Sigma’s assets were worth a total of 2 trillion rupiah ($170 million) in the first half of this year. Sigma CEO Judi Achmadi said the firm’s revenue was up 60 percent in the first half and was expected to reach 2 trillion rupiah in 2014. (Investor Daily)
Note: Reuters has not verified this story and does not vouch for its accuracy. (1 US dollar = 11,765 rupiah) (Compiled by Jakarta Newsroom; Editing by Prateek Chatterjee)