JAKARTA (Indonesia Today) – UAE-based Emirates Telecommunications (Etisalat) is selling an 8.4% stake or 775million shares in Indonesian telecom operator XL Axiata for a maximum Rp4.88 trillion (US$510 million), IFRAsia.com reported on Wednesday (Sept 12).
The indicative price range for the shares is Rp6,100-Rp6,300, which translates to a 6%???9% discount to the last traded price of Rp6,700.
There is a 90-day lock up for the vendor, which owns a 13.3% stake.
The transaction,will be the second-largest block deal ever from Indonesia, will be made today and the settlement is scheduled for Septmber 18, 2012, Investor Daily reported this morning.
JP Morgan and Morgan Stanley are the bookrunners. (Indonesia Today)
