Indonesian operator XL Axiata is looking to sell approximately 231 million shares and has three years to do so.
The company did not disclose how much it is hoping to raise but a spokesperson said the shares would be sold for no less than Rp5,280…
Indonesian operator XL Axiata is looking to sell approximately 231 million shares and has three years to do so.
The company did not disclose how much it is hoping to raise but a spokesperson said the shares would be sold for no less than Rp5,280 (US$0.44) each.
Mandiri Sekuritas has been mandated to coordinate the share sale, the operator said in a notice to Indonesia’s stock exchange.
The shares to be sold were bought back by the company from shareholders who had disapproved of corporate actions taken by XL earlier this year.
In late March XL Axiata, which is majority-owned by Malaysian giant Axiata, completed its acquisition of smaller rival Axis for US$865m, creating the country’s second-largest player.
XL did not comment on how it plans to use the proceeds from the share sale.
