UAE telecom operator Etisalat
plans to sell its entire stake (around 13.29 %) in Indonesia's No.3 phone firm
PT XL Axiata.
Etisalat has hired JPMorgan and
Morgan Stanley to handle the sale, which may launch via an equity placement,
the sources said.Etisalat, JPMorgan, Morgan Stanley and XL Axiata declined to
comment.
Etisalat bought its XL Axiata
stake in 2007 for $440 million as part of its expansion strategy outside UAE.
Its already decided to windup another iperation from India. This moves
come after Indian Supreme court cancelled 122 2G licences acquired in 2008
licence auction.Etisalat also mentioned that it will stop providing mobile services in India after March' 2012.
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