An Indonesian court dismissed an appeal by Temasek against a ruling that the Singaporean state-owned investment company dominated the local mobile phone market through indirect ownership of stakes in Indonesia’s two biggest operators.

The court ordered Temasek to sell all its shares in one of the operators or halve its holding in both within 12 months. Temasek and its subsidiaries Singapore Telecommunications and Singapore Technologies Telemedia were each fined Rp15bn ($1.6m).