REPUBLIKA.CO.ID, JAKARTA -- Nation's biggest telephone company, PT Telkom seeks to sell its stake in PT Daya Mitra Telekomunikasi (Mitratel). Now, there are some publicly listed companies interested in the subsidiary.

FITRA's Investigation and Advocacy Coordinator, Ucok Sky Khadafi said that Telkom's plan would reduce the bargaining power of company because Telkom has got AAA rating, which would make it easier to obtain funding in financial market.

"The reason to sell Mitratel is not appropriate. Telkom's market value seven times higher than similar companies such as PT Tower Bersama Infrastruktur," Khadafi said recently.

Debt ratio of Telkom is considered better than other similar companies. Mitratel is also a highly profitable subsidiary with net profit margin of 20 percent. Khadafi hopes that Telkom management can learn from Indosat case that has sold its 4,500 towers to Tower Bersama. After that, Tower Bersama reached high profit nearly 50 percent.

Member of Commission VI at House of Representative, Airlangga Hartarto said that Mitratel current asset value reached 7.44 trillion IDR. If the subsidiary company will list on stock exchange, the asset value can reach 15 trillion IDR. Government will also have 51 percent shares.

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