Axiata divests up to 20% XL Axiata

Axiata, the sole ultimate shareholder of Indocel, proposes to undertake an offering of up to 20.0% of the issued and paid-up share capital of telecommunication provider PT XL Axiata (EXCL) to eligible institutional/sophisticated investors via a bookbuilding exercise. At the current price, Axiata could bag US$656 million from the divestment.

The Proposed Offering involves an international private placement by Axiata Group of up to 1,701,600,000 XL Shares (Offer Shares), representing 20.0% of the issued and paid-up share capital of XL, to eligible institutional/sophisticated investors via a bookbuilding exercise, to be satisfied entirely through cash. Today EXCL gained 1.43% to close at Rp3550.

At that price, the value of 1.7 billion XL shares being offered is about Rp6.035 trillion or about US$656 million (at Rp9200/USD).

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