Axiata Group Sets Indicative Price for XL Stake Sale
March 19, 2010
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Malaysia’s Axiata Group has set an indicative price of Rp 3,000 to Rp 3,300 per share for the planned sale of a 20 percent stake in Indonesia subsidiary PT XL Axiata, a cellular phone operator.
The company said in a statement to the Kuala Lumpur stock exchange on Friday that a book-building exercise would commence on Monday, and the final selling price would be set after the book-building.
Axiata, through its subsidiary Indocel Holding, owns 86.49 percent of the shares in XL Axiata. Another 13.31 percent are held by Telecommunications Corporation International Indonesia and the remaining 0.19 percent by public investors.
XL Axiata is the third largest cellular operator in Indonesia. XL Axiata shares were unchanged at Rp 3,500 on the Indonesia Stock Exchange on Friday.
JG
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