Axiata Group Berhad prepares IDR2.84 trillion fund to buy rights issue of PT Excelcomindo Pratama Tbk, which is potential to expand the stock possession at the third largest telecommunication emitter here.
Axiata through Indocell Holding Sdn Bhd owns 83.3 percent shares of Excelcomindo, then Etisalat with 16 percent ownership, and public 0.2 percent.
Axiata through Indocell Holding Sdn Bhd owns 83.3 percent shares of Excelcomindo, then Etisalat with 16 percent ownership, and public 0.2 percent.
Axiata acted as the standby buyer which will absorb unexecuted shares by other shareholders.
The rights issue with futures rights (HMETD) was worth IDr2.84 trillion. The ratio is 5:1 of which the shareholder of five former XL shares has the rights to buy one new stocks.
The rights issue with futures rights (HMETD) was worth IDr2.84 trillion. The ratio is 5:1 of which the shareholder of five former XL shares has the rights to buy one new stocks.
With the additional 1.42 billion rights issue with a par value of IDR2,000, XL listed shares stand at 8.5 billion. Axiata as standby buyer should at least allocate IDR2.84 trillion fund or the same as rights issue value.
The rights issue fund will be allotted to pay debt to DBS Bank Ltd, Export Development Canada, and The Bank of Tokyo-Mitsubishi UFJ Ltd, Chinatrust Commercial Bank, PT Bank Mandiri Tbk, PT Bank Mizuho Indonesia, Export Kredit Namnden (EKN), and Swedish Export Credit Corporation.
The payment will cut down the corporate debt into by US$1.5 billion or IDR15 trillion as of US$1.9 billion. Along with the improving consolidation of Axiata, Excelcomindo, took the name into PT XL Axiata Tbk, targeting international market in nine other operators in Asia.
The rights issue fund will be allotted to pay debt to DBS Bank Ltd, Export Development Canada, and The Bank of Tokyo-Mitsubishi UFJ Ltd, Chinatrust Commercial Bank, PT Bank Mandiri Tbk, PT Bank Mizuho Indonesia, Export Kredit Namnden (EKN), and Swedish Export Credit Corporation.
The payment will cut down the corporate debt into by US$1.5 billion or IDR15 trillion as of US$1.9 billion. Along with the improving consolidation of Axiata, Excelcomindo, took the name into PT XL Axiata Tbk, targeting international market in nine other operators in Asia.
The company last year targeted to have 11-12 percent growth as from 2008. In 2010, the company targets to grow above 9-10 percent as the industry average.
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