JAKARTA (Indonesia Today) – Emirates Telecommunications Corporation has today agreed to sell 775 million shares in PT XL Axiata Tbk (EXCL), representing 9.1% of XL’s issued share capital at a price of Rp6,300 per share.
The value of the placing is approximately Rp4.88 trillion before commissions and expenses. At 15.45 pm Jakarta time, EXCL gained 0.75% to Rp6,750 per share.
The placing was conducted by way of accelerated book-built offering to institutional investors, with J.P Morgan Securities Plc and Morgan Stanley Asia (Singapore) Pte acting as joint bookrunners.
The settlement of the placing is expected to take place on 18 September 2012.
Following the completion, Etilasat holds a 4.2% ownership stake in XL Axiata. (Indonesia Today)