The divested XL shares have another 15 percent

TM International will sell 10-15 percent of it shares at PT Excelcomindo Pratama Tbk on the better stock market condition.
Public shareholders held extraordinary general meeting of shareholders (EGMS) has permitted Excelcomindo to provide assistance to the TM International to pave the way of the stock divestment.
To pave the way of the divestment, XL appointed three underwriters including JP Morgan, Merrill Lynch, and PT Mandiri Sekuritas.
But, the company could not set the targeted fund to generate from the divestment. But, it will only TMI divestment instead of the other shareholders' shares.
With the divestment of 10-15 percent Indocell shares, the public stock ownership will increase.
TM International Berhad (TMI) possesses 83.79 percent of XL shares, Emirates Telecom has 15.79 percent and the remaining owned by public.
The shareholders have agreed to sell its 7,000 tower units.
The fund generated from the tower sale will be allotted for capital expenditure and paying the debt.
The tower price referring to PT Ujatek Baru as the independent auditor cost US$90.737-115.408 per tower unit. Referring to the price here, the potential fund to be raked is about US$635-808 million or IDR5.7-7.3 trillion.