Mubasher: National Mobile Telecommunications Company (Ooredoo) and CK Hutchison Holdings Limited have extended the exclusivity period for the non-legally binding Memorandum of Understanding (MoU) to potentially combine their Indonesian businesses.

Both companies are holding advanced discussions for a possible transaction to combine their telecommunications businesses, PT Indosat Tbk (Indosat) and PT Hutchison 3 Indonesia (3 Indonesia), according to a press release on Wednesday.

The discussions between the two parties are at an advanced stage; hence, the exclusivity period of the non-legally binding MoU has been extended until 16 August 2021 to allow time to finalise definitive agreements.

Indosat and 3 Indonesia would combine to form a new digital telecommunications company, which would drive innovation and accelerate the digital transformation of Indonesia.

It is noteworthy to mention that in December 2020, Ooredoo signed an exclusive and non-legally binding MoU with CK Hutchison Holdings Limited, which has been valid until 30 April 2021.