UPDATE: Etisalat raises $510m from Axiata sale

UAE telco group sells 775 million shares in PT XL Axiata
Etisalat is scrutinising its foreign interests.
Etisalat is scrutinising its foreign interests.


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.

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