This printed article is located at http://telechoice.listedcompany.com/news.rev
TeleChoice International Limited ('TeleChoice") wishes to announce that its subsidiary, TeleChoice (Indonesia) Pte Ltd ("TIPL") has transferred its entire stake in PT Sakalaguna Semesta ("PTSG") to TeleChoice with effect from 31 Jan 2006.
PTSG, which is engaged in the distribution of pre-paid SIM starter-kits, top-up cards and vouchers for mobile network operators in Indonesia, has a paid-up share capital of Rp.10 B comprising 1,000,000 PTSG shares. Prior to this transaction, TIPL held 510,000 PTSG shares, representing 51% of PTSG's paid-up share capital. The consideration for the transfer (based on the estimated net book value of the PTSG shares transferred to TeleChoice) is US$588,000. PTSG has obtained the approval of Indonesia's Investment Co-ordinating Board (BKPM) for the transfer.
TeleChoice currently holds 510,000 PTSG shares, representing 51% of PTSG's paid-up share capital. The remaining 490,000 PTSG shares (representing 49% of PTSG's paid-up share capital) are held by PT Elang Mahkota Teknologi.
The transaction is not material in the context of TeleChoice's overall financial position or operations.