Axiata Group Berhad (formerly known as TM International Berhad) is planning to divest up to 20% of equity interest in its 86.5% owned subsidiary PT XL Axiata Tbk (XL) via a private placement.
XL shares divestment is also intended to enlarge public shares holding from current position of 0.2% stakes.
Goldman Sachs has been appointed as sole global coordinator and along with CIMB Investment Bank are acting as joint bookrunners. Goldman Sachs, CIMB Investment Bank, and PT Mandiri Sekuritas are joint lead managers of the offering. The offering is expected to be completed by April of 2010.
“In the financial year ended 2009, XL made tremendous progress both operationally and financially through strong execution of a focused and well developed strategy. On the back of this momentum, and with the continued macro recovery driving capital markets, we believe that this is the right time to conduct this offering, enabling investors to participate in XL’s growth story,” said Dato’ Sri Jamaludin Ibrahim, President and Group Chief Executive Officer of Axiata.
"We are pleased with the support we have continuously received from our major shareholder Axiata. We believe that it will provide further support to XL in its growth and development as one of Indonesia’s largest listed companies," said XL President Director XL Axiata Hasnul Suhaimi.
"We are pleased with the support we have continuously received from our major shareholder Axiata. We believe that it will provide further support to XL in its growth and development as one of Indonesia’s largest listed companies," said XL President Director XL Axiata Hasnul Suhaimi.
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