Indonesia: Telkom sets aside $2b for capex, eyes 10 potential M&A deals

State-owned telco firm Telekomunikasi Indonesia (Telkom) ( is setting aside up to $2 billion, or about 25 per cent of last year’s revenue, for capital expenditure this year, finance director Harry M Zen revealed. The company is also learnt to be reviewing 10 potential merger and acquisitions involving fintech, e-commerce, and ICT startups.

“We are currently reviewing our business expansion plans for the future. What we can do, we’ll do it ourselves. What we can’t do, we’ll acquire,”

he told reporters in Jakarta, adding that the company is looking at both foreign and local firms for acquisitions.
Telkom raked in $8.7 billion in revenues last year.
The publicly-listed company has repeatedly said that it wants to boost expansion, particularly in the digital space, whether through collaboration or acquisition. It set up a VC firm, MDI Ventures (, in 2014 to make this vision a reality. It has committed $100 million for the VC to invest into global and domestic startups within the span of four years. MDI Ventures’ most recent investment was a pre-Series A round that it led ( in June into Kofera, a marketing SaaS firm.

Agus Winarno, Telkom’s operation vice president for consumer assurance, said that the company sees its future depend on the digital space as it grows and expands. The company continues to explore deals in this area with many startups.

“We can’t only live o

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