XL Axiata sale raises USD510m for Etisalat

14 Sep 2012

UAE-based Emirates Telecommunications Corporation (Etisalat) has raised IDR4.88 trillion (USD510.03 million) from the sale of most of its 13.29% stake in Indonesian mobile carrier XL Axiata. According to a term sheet of the offering seen by Reuters on Thursday, Etisalat sold a total of 775 million XL Axiata shares at IDR6,300 per share. As reported in yesterday’s TeleGeography CommsUpdate, the sale marked the Asian country’s biggest block offering since December 2010. The UAE-based group owns 13.29% of the Indonesian company, which it acquired in 2007 for USD440 million, but has struggled to develop a working relationship with XL Axiata’s main shareholder, Axiata Group of Malaysia.

Indonesia, Etisalat UAE, XL Axiata