XL Axiata Tbk PT
Grha XL
Jl.DR.Ide Ank Agng Gd Agng Lt E4-7 No.1
Phone: +62 2157959817p:+62 2157959817 JAKARTA SELATAN, 12950  Indonesia Ticker: EXCLEXCL

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Axiata to sell 5pc stake in Indonesian telco unit

KUALA LUMPUR: Axiata Group Bhd, via indirect wholly owned Axiata Investments (Indonesia) Sdn Bhd, is disposing of 533.41 million shares representing about a five per cent stake in PT XL Axiata Tbk for RM423.5 million.

Axiata said in a filing to Bursa Malaysia yesterday Axiata Investments has entered into a sale and purchase agreement (SPA) with Ferrymount Investments Ltd, Procap Partners Ltd and Tiga Investments Pte Ltd for the disposal.

Prior to the disposal, Axiata Investments held a 66.5 per cent stake in XL, which is listed on the Indonesia Stock Exchange.

Procap and Tiga Investments, acting as guarantors, will unconditionally and irrevocably guarantee the discharge by the buyer of its obligations under the SPA, said Axiata.

“The completion of the SPA will take place one month from the date of the SPA or such other date as agreed in writing by the parties. The disposal does not require the approval of the shareholders of Axiata or any regulatory authorities.” Axiata said the disposal facilitates the timely introduction of Indonesia-focused investors in XL who acknowledge the value and opportunities in the domestic telecommunication sector.

“The principals of Procap and Tiga Investments have extensive knowledge, experience, business partnerships and investments in Indonesia, as well as in global capital markets.

“Axiata is of the view that the disposal, which provides XL with access to the aforesaid business partnerships of Procap and Tiga Investments among others, will place XL in a better operational footing in the near future.” At the same time, Axiata said Procap and Tiga Investments’ linkages to the Indonesian digital ecosystem will enable XL to actively engage and further develop its digital and value-added services to offer to its 58 million customers.

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Friday, December 9, 2022