XL Axiata has Indosat in its sights

18 Feb 2010

XL Axiata announced yesterday that by the end of 2010 it expects to overtake rival cellco Indosat as Indonesia’s second largest mobile operator. The company, which is 86.5% owned by Malaysia’s Axiata Group and 13.3% owned by Etisalat of the UAE (the remaining 0.2% is publicly held), says it is targeting strong subscriber and revenue growth this year. It also confirmed that dividend payments were likely to resume this year following a return to profit in 2009.