Etisalat Group, the UAE’s incumbent operator, confirmed that it has sold 775 million shares in Indonesian operator, PT XL Axiata, for about $510 million.
The 775 million shares represented about 9.1% of XL’s issued share capital. Etisalat raised AED1.87 billion ($510m) before commission and expenses from the sale. The settlement of the placing is expected to take place on 18 September, 2012, Etisalat said in a statement.
Following the completion, Etisalat will hold a 4.2% ownership stake in XL.
The decision to sell the stake came after XL Axiata’s share price increased by almost 50% in 2012, compared with an 8.7% rise in Indonesia's benchmark share inde.