SINGAPORE, Nov 20 (Reuters) - Shares of Singapore
Telecommunications <STEL.SI> fell 2.7 percent to S$3.58 after
after an Indonesian watchdog ruled that the Singapore company's
stake in mobile phone firm Telkomsel violates anti-monopoly laws.
"The whole market is down, but SingTel is probably more
affected by the Indonesian ruling," said a local dealer.
SingTel said on Tuesday that it plans to take necessary legal
action to protect its interest in Indonesia
SingTel has a 35 percent stake in PT Telekomunikasi Selular
(Telkomsel), Indonesia's biggest mobile phone firm, through its
wholly-owned unit SingTel Mobile.
Indonesia on Monday ordered the Singapore government's
investment arm Temasek Holdings [TEM.UL] to sell its stake in one
of two major Indonesian mobile phone firms within two years. The
watchdog also fined Temasek and various Temasek units, including
SingTel Mobile, for a breach of competition law.
0110 GMT - Straits Times Index <.STI> down 1.77 percent, hurt
by declines in Wall Street overnight, and SingTel's losses.
SingTel is the biggest company by market value on the
benchmark index.
(Reporting by Saeed Azhar)
(([email protected]; editing by Kevin Lim; Reuters
Messaging: [email protected]; +65 6403-5664))
Keywords: SINGTEL INDONESIA/
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