The shareholdes of PT Excelcomindo Pratama Tbk (XL) committed to inject some US$300-600 million fund to boost up the telecommunication corporate capitalization.
The scheme is to be realize in semester II/2009 which will be allotted for 50 percent of capital expenditure and the rest is for debt refinancing.
Finance Director of XL Willem Lucas Timmermans said the company will seek additional loan worth US$100-150 million would the capital injection fail this year.
"We hav got commitment from shareholders to inject some US$300-600 million fund," he said yesterday.
Axiata Group Berhad possesses 83.8 percent shares of XL through Indocel Holding Sdn Bhd and Emirates Telecommunications Corporation Indonesia Ltd (Etisalat) owns 16 percent and public 0.2 percent.
President Director of XL Hasnul Suhaimi when asked about the capital injection scheme said it has not been defined yet.
But he conceded the possible two options, convertible bond issuance or rights issue.
Wednesday, May 13, 2009
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