The Emirates Telecommunications Corporation (Etisalat) on Wednesday announced that it has finalised the sale of a 9.1 per cent stake in PT XL Axiata Tbk (XL), an Indonesian mobile telecommunications provider.

The sale of the 775 million shares to institutional investors capitalised on the recent rally in XL Axiata's stock price and resulted in gross proceeds of Dh1,870 million to Etisalat.

Ahmad Abdulkarim Julfar, CEO of Etisalat Group said: "The sale is in line with the group's strategy to focus on our core operations in order to deliver greater value to our shareholders. This investment has provided Etisalat with excellent returns and, given its recent performance, we decided to take advantage of the opportunity to crystallize some of the value created. This transaction further underscores the Etisalat management's commitment towards being a disciplined investor for our shareholders."

After the sale, Etisalat retains a 4.2 per cent ownership stake in XL.