XL Axiata block

Etisalat trims XL Axiata stake in $510 million block trade

The heavily anchored deal will increase the free-float in the Indonesian mobile operator to just under 30%.
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Prisms by Axiata: a sculpture outside the company's Kuala Lumpur office
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<div style="text-align: left;"> Prisms by Axiata: a sculpture outside the company's Kuala Lumpur office </div>

Emirates Telecommunications Etisalat has sold about two-thirds of its holdings in Indonesian mobile operator XL Axiata through a block trade, raising Rp4.88 trillion $510 million.

The transaction, which launched after the close on Wednesday and priced early the following morning Hong Kong time, was almost the same size as the company’s re-IPO in March 2010 and will boost the free-float by about 45% to just under 30%.

That may partially explain the strong interest in the deal, with sources saying that the total demand exceeded $1 billion and was of very high quality. The price was fixed at the top of the indicated range and in...

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