The sale of the 775 million shares to institutional investors capitalized on the recent rally in XL Axiata's stock price and resulted in gross proceeds of Dhs1,870m to Etisalat.
Ahmad Abdulkarim Julfar, Chief Executive Officer 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."
Following the sale, Etisalat retains a 4.2% ownership stake in XL.
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Etisalat Group finalizes sale of 9.1% stake in PT XL Axiata Tbk
- United Arab Emirates: Wednesday, September 19 - 2012 at 14:00
- PRESS RELEASE
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The Emirates Telecommunications Corporation 'Etisalat' announced that it has finalized the sale of a 9.1% stake in PT XL Axiata Tbk 'XL', an Indonesian mobile telecommunications provider.
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Posted by Ishraq Al TalWednesday, September 19 - 2012 at 14:00 UAE local time (GMT+4)
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