According to an unconfirmed report from Bloomberg citing ‘insider sources’, Indonesian mobile operator XL Axiata is mulling options to raise up to USD500 million next year as it seeks to trim its sizeable debt burden. The company’s net debt had spiralled to IDR25.7 trillion (USD1.8 billion) by end-September 2015, more than double the IDR12.5 trillion it was carrying in September 2012. With its debt-to-equity ratio standing at 216% – the highest of any listed Indonesian mobile operator – the Malaysian-backed carrier is reviewing several fund-raising options, including a rights offer to existing investors. XL Axiata, a subsidiary of Kuala Lumpur-based Axiata Group, has said that it will strengthen its balance sheet and look to focus on signing up/retaining more ‘profitable’ subscribers, rather than pursue a policy of simply increasing its user base. Group CEO Dato’ Sri Jamaludin Ibrahim recently commented that: ‘XL has started to reap benefits from the ongoing implementation of its transformation programme’, a project that includes the launch of 4G LTE in Jakarta and other cities last month, with plans to cover 35 cities by the year end.