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. Last Updated: 07/27/2016

Soros Eyes Indonesia

JAKARTA, Indonesia -- Indonesian clove cigarette firm PT Bentoel Prima said Wednesday a final deal for financier George Soros to take a majority holding was expected by the end of March at the latest after the completion of due diligence.

"Definitely we are looking at more than 50 percent foreign ownership, a majority ? and it can go up to 70 percent depending on the due diligence, which has been carried out for three months now," Bentoel President Director Darjoto Setyawan said in a telephone interview.

"[The deal] is expected as early as by the end of January ? March at the latest," he said.

Soros's Quantum Fund plans to take a majority of Bentoel, Indonesia's fourth largest clove cigarette maker, and is also said to be looking at other investments in Indonesia including taking stakes in telecommunications firms Telkom and Indosat.