Jakarta. Telekomunikasi Indonesia (Telkom), Indonesia’s biggest telecommunication operator, said on Tuesday it is raising up to 12 trillion rupiah ($903.48 million) mainly to develop its businesses and make acquisitions.

The company will issue around 7 trillion rupiah in the first stage this year, it said in a prospectus.

The state-controlled company said it would use the proceeds to boost its businesses, including its broadband network, and to acquire several companies both domestically and overseas.

Earlier this month, Telkom announced an agreement to buy Pacific island Guam’s telecom and pay-television operator GTA from Japanese private-equity firm Advantage Partners.

Reuters

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