Emirate based telecommunication company, Etisalat, reported to buy 16% stake of XL, third largest Indonesia’s telecom company. Total price amounted US$ 438 million. Etisalat will obtain 1.13 billion shares of Rajawali Group, means that there will be no local stakeholder in XL. More than 60% shares are owned by Malaysian, Telecom Malaysia.

This is the second time Middle East company entering Indonesian telecom market, after Saudi Telecom bought Maxis stock, which also parent company of Indonesian’s NTS. As the consequences of buying, Elisalat will be eligible to put their person to XL executive board.

Source: Reuter

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 Print Posted by Amir Karimuddin on December 12th, 2007