Etisalat sells PT Axiata stake

The Emirates Telecommunications Corporation (Etisalat), headquarters in Abu Dhabi, confirmed today that it has sold a total of 775 million shares in PT XL AxiataTbk, one of the Group's 16 Operating Companies, and located in Indonesia.

The 775 million shares represent a total of 9.1 per cent of XL's issued share capital, representing a value of approximately Dh1.87 billion before commission and expenses. The settlement of the Placing is expected to take place on 18 September, 2012.

Following the completion, Etisalat will hold a 4.2 per cent ownership stake in XL.