XL to Get US$300 Million from Divestment and Rights Issue

PT Excelcomindo Pratama Tbk (XL) will get the fresh capital of US$200 million - US$300 million from divestment program and rights issue of up to 10%.
The company has assigned two book runners including JP Morgan Securities.
Other securities companies like Credit Suisse, Merrill Lynch, and UBS Securities also has been eying to sell XL.
The divestment and the rights issue is aimed at increasing the portion of public stocks. It will be conducted in the first half of the year.
As of February 29 2008 the other shareholders of XL are Khazanah Nasional Berhad (16.81%), Parkmix Ltd (15.97%), and Emirate Telecommunications Corporation (Etisalat, 15.97%). The public stocks are only 0.234%.
The share price closed at IDR1,930 yesterday, down from IDR1,975 last week. The market cap of XL was IDR13.68 trillion.
Last year the stock price has jumped to IDR2,700 as Etisalat of United Arab Emirates acquired all shares of Bella Sapphire Ventures Ltd at IDR3,600. Etisalat acquired 16% or 1.13 billion shares of XL at US$438 million.