Qatar Telecom (QTEL) has signed an agreement with Rachmat Gobel of Indonesia. I'm not quite sure after reading this, if that means someone called Mr Gobel has just subscribed for a mobile phone connection with Qatar, or something more.
As the press release says the financial details were not material, that seems to imply that it was only one connection, rather than several million. But anyway, if it was important enough to tell the stock market, shouldn't the financial details be at disclosed to Qtel's owners?
ADX 15 July 2008:
(QTEL) Qatar Telecom enters into a strategic relationship with Rachmat Gobel
Press Release 15 July 2008:
Qtel enters into a strategic relationship with Rachmat Gobel
Doha & Jakarta: Qatar Telecom (QTEL) is delighted to announce that it has entered into a strategic relationship agreement with Rachmat Gobel of Indonesia.
As one of Indonesia's most respected businessmen, Rachmat Gobel serves as the Chairman of Panasonic Gobel, as well as Deputy Chairman of the Indonesian Chamber of Commerce and Industry and of the Indonesia Olympic Committee.
Sheikh Abdullah Al Thani, Chairman of the Qtel Group, said "We are very pleased to have entered into this strategic relationship with Rachmat Gobel, and to develop this investment together with such a prominent national businessman. We are keen to seek his guidance on a variety of issues relating to our investment in Indosat, now and in the future."
Rachmat Gobel said "I am pleased to work together with Qtel regarding its investment in Indosat. Qtel's operational strength and plans for the future should ensure Indosat grows in stature in the market and reaches its full potential. I am convinced that this investment in Indosat is beneficial for customers, employees, investors and for Indonesia."
Dr Nasser Marafih, CEO of the Qtel Group said "We are looking forward to working closely with Rachmat Gobel to address a number of challenges in Indonesia. Our relationship with Rachmat Gobel should help us meet these challenges more effectively. Our main desire is to ensure Indosat continues to grow, flourish and to serve the Indonesian communication market."
Mr Rachmat will provide Qtel with support and guidance regarding its investment in 40.8% of the shares in Indosat. Qtel stated that the financial terms of the agreement were not material for the Qtel group. Further details regarding the agreement were not disclosed.
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