Excelcom agrees USD424mn bank loans

21 Dec 2007

Indonesia’s third largest mobile operator by subscribers, Excelcomindo Pratama (Excelcom), has agreed loans of IDR4 trillion (USD424.4 million) from Indonesia’s PT Bank Mandiri. The operator, a 67%-owned subsidiary of Telekom Malaysia, confirmed the signing of a deal yesterday, but declined to provide details on what it intended to do with the money. Earlier this month, Emirates Telecommunications (Etisalat) announced it was buying a 16% stake in Excelcom from Indonesia’s Rajawali Corp for USD438 million.

Indonesia, XL Axiata