UAE-based Etisalat aims to raise up to $502m by selling most of its stake in PT XL Axiata, in Indonesia's biggest block offering since December 2010, Reuters has reported. The move highlights the emergence of equity capital markets in Southeast Asia, which has seen a boom in share offerings in Malaysia, Thailand and other markets. It also follows a surge of nearly 50% in XL Axiata shares in 2012, compared with an 8.7% rise in Indonesia's benchmark share index. "It's hard for Etisalat to expand its business if they're not the controlling shareholder like Axiata," said Jemmy Paul, head of equity fund Sucorinvest Asset Management in Jakarta. "So it's better to divest the investment at a good price."