KUALA LUMPUR, Sept 27 — Axiata Group Bhd's indirect wholly-owned subsidiary, Axiata Investments (Indonesia) Sdn Bhd (AIISB) is disposing of 533.41 million ordinary shares, representing about five per cent equity interest, in PT XL Axiata Tbk (XL) for RM423.5 million (1,440,205 million rupiah).
In a filing with Bursa Malaysia today, Axiata said AIISB, which holds 66.5 per cent equity interest in its Indonesia Stock Exchange-listed unit XL, has sealed a sale and purchase agreement (SPA) with Ferrymount Investments Ltd (FIL) and its linked companies, Procap Partners Ltd and Tiga Investments Pte Ltd, for the said disposal.
"The disposal facilitates the timely introduction of Indonesia-focused investors in XL, who acknowledge the value and opportunities in the domestic telecommunications sector.
"Axiata is of the view that the disposal, which provides XL with access to the aforesaid business partnerships of Procap and Tiga Investments, amongst others, will place XL in a better operational footing in the near future," it said.
At the same time, Procap’s and Tiga Investment’s linkages to the Indonesian digital ecosystem will enable XL to actively engage and further develop its digital and value-added services to its current base of about 58 million customers, said Axiata.
The disposal is expected to be completed in October 2021. — Bernama
