Etisalat sells XL Axiata stake - Mobile World Live

Etisalat sells XL Axiata stake

20 SEP 2012

Etisalat has completed the sale of a 9.1 percent stake in Indonesian number-three operator XL Axiata, raising AED1.87 billion (US$509 million) in the process, reports Total Telecom. The sale of 775 million shares reduces the UAE-based operator group’s stake in XL Axiata to 4.2 percent. "This investment has provided Etisalat with excellent returns and, given its recent performance, we decided to take advantage of the opportunity to crystallize some of the value created," said group CEO Ahmad Abdulkarim Julfart.

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