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FINANCIAL NEWS
UAE’s Etisalat to sell most stake in Indonesia’s PT XL Axiata
13 Sep 2012
(MENAFN) UAE’s No.1 telecoms operator Etisalat unveiled plans to sell the majority of its stake in Indonesia’s PT XL Axiata to raise USD502 million, Reuters reported.
Etisalat was expected to make such move for a long time as the UAE firm has failed to expand its partnership with XL Axiata’s major shareholder, Axiata Group of Malaysia.
The offer of up to 775 million shares would put the total deal at up to USD508.5 million. Etisalat will own a 4.2 percent stake worth USD253 million in XL Axiata after the sale.
This will be Indonesia’s largest block deal since the USD530 million share sale of PT Sarana Menara in December 2010.
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