XL secures USD140m loan to fund CAPEX plans

7 Nov 2008

Indonesian mobile operator PT Excelcomindo (XL) has secured a USD140 million syndicated loan from four international banks to help fund its capital expenditure plans. XL, an 83.79%-owned unit of Telekom Malaysia, was granted the funding facility by DBS Bank, Economic Development Canada, The Bank of Tokyo-Mitsubishi UJF and Chinatrust Commercial Bank, reports Reuters. The mobile operator has increased its CAPEX target for 2008 from USD1 billion to USD1.25 billion, a significant portion of which will be used to upgrade its networks as subscriber numbers rise sharply. XL had 22.9 million mobile subscribers at the end of June 2008, up 124% year-on-year.

Indonesia, XL Axiata