JAKARTA (Indonesia Today) – XL Axiata (EXCL) shares drop 4.5% to Rp6,400 Thursday (Sept 13) following reports about Etisalat’s plan to sell EXCL shares at Rp6,100-6,300 per share to strategic investors.
More than 5 million shares were exchanged hands in the first hour of trading on IDX. At Rp6,400, XL Axiata has market capitalization of Rp54.6 trillion.
The company booked net profit of Rp1.46 trillion from sales revenue of Rp10.17 trillion in the first half of 2012.
Etisalat, which owns 13.3% shares in EXCL, reportedly offers 775 million shares or about 8.4% of total issued shares, at Rp6,100-6,300, a discount of 6%-9% to Wednesday’s closing price (Rp6,700).