PT Indosat, a major Indonesian telco, says it will let go of its satellite business.

Indosat’s chief legal and regulatory officer Natasha Nababan said that the company no longer deemed its satellite communications business “competitive” and has thus shrunk its satellite fleet from three satellites to one.

“It’s not efficient. We can’t give competitive prices for satellite communications,” she said at a virtual investor meeting. “The company, going forward, will not own and operate satellites.”

Letting go of the satellite business is part of Indosat’s “three-year turnaround strategy” to improve its financial standing after booking a net loss of Rp 2.4 trillion ($170.63 million).

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Tags: indosat