JAKARTA (Yosefardi) – Shares of PT XL Axiata Tbk (EXCL) gained 3% to Rp5150 this morning with only 4.38 million shares traded. The stock has regained 29% from its bottom but still lost 14% from its peak year to date.
ICT minister Tifatul Sembiring has on November 29, 2013 approved the proposed merger of Axis Telekom Indonesia and XL Axiata. Both parties however have to return the radio frequency spectrum 2×10 MHz in the 2.1 GHz (3G) to the State.
Currently XL’s cellular phone subscribers reach more than 65 million. While Axis’ subscribers almost reach 14 million users.
XL Axiata reported 58% drop in net profit to Rp917 billion in first nine months of this year, compared to Rp2.19 trillion in the same period of last year. Revenues inched up 0.7% to Rp15.81 trillion. Operating profit fell 61% to Rp1.32 trillion.