Reuters: Indonesia XL plans secondary share offering by 2009
JAKARTA, Sept 3 (Reuters) – Indonesia’s third largest mobile phone operator, PT Excelcomindo Pratama Tbk (XL) EXCL.JK, said on Wednesday it will offer 10-15 percent of its share capital to the public through a secondary offering by 2009.
Hasnul Suhaimi, the company’s president director, said part of Malaysian mobile phone firm TM International’s stake will be sold in the secondary offering.
“The size has not been finalised, it will depend on the book-building, but it will be between 10-15 percent,” Suhaimi told reporters.
The move is aimed to improve Excelcom’s trading liquidity, as currently only less 0.2 percent of Excelcom’s shares are in public hands.
TMI controls 83.8 percent of Excelcom while Emirates Telecommunications Corp ETEL.AD holds a 15.97 percent stake in the Indonesian company.
Suhaimi also said the company had appointed Merrill Lynch , JPMorgan and Mandiri Sekuritas to help with the offering.
Excelcom has a market capitalisation of $1.94 billion, which would puts the market value of the offering between $194-291 million). (Reporting by Andreas Ismar, writing by Harry Suhartono, editing by Sugita Katyal)
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