Mubasher: National Mobile Telecommunications Company (Ooredoo) has signed an exclusive and non-legally binding Memorandum of Understanding (MoU) with CK Hutchison Holdings Limited.

Under the agreement, a potential transaction will be conducted to combine the telecommunication businesses of both companies in Indonesia, PT Indosat Tbk and PT Hutchison 3 Indonesia, according to a press release on Monday.

The exclusivity period for the MoU is valid until 30 April 2021. 

Ooredoo is in the early stages of assessing such a potential transaction.  

It is noteworthy to mention that in the first nine months of 2020, the net profits of Ooredoo jumped by 16% to QAR 1.468 billion, compared to AED 1.265 billion during the year-ago period.