Indonesian mobile operator XL Axiata has signed a three-year US$100m loan with Standard Chartered.
The company, which is controlled by Malaysian telecoms giant Axiata, said that proceeds will go towards its annual capex.
XL Axiata recently received…
Indonesian mobile operator XL Axiata has signed a three-year US$100m loan with Standard Chartered.
The company, which is controlled by Malaysian telecoms giant Axiata, said that proceeds will go towards its annual capex.
XL Axiata recently received approval in principle from the communication ministry to merge its assets with that of Axis, a smaller rival. The head of investor relations confirmed the information, saying the company supports “the move towards industry consolidation”, but declined to comment further.
According to recent reports, Saudi Telecom Company (STC) has been in talks to sell its Indonesian mobile subsidiary Axis, with Axiata rumoured as a likely bidder.
A deal between Axis and XL Axiata would give the latter the mobile spectrum it needs to expand in the Indonesian mobile market, according to the reports.
It could also trigger further consolidation deals in the country’s crowded mobile industry.
Indonesia is currently home to ten mobile operators, many of which are facing financial difficulties.
