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Jakarta Post

XL to sell telecom towers to pay debts

The country’s second-largest cellular operator, PT XL Axiata, is preparing to sell some of its telecommunication towers to partly finance its debts

The Jakarta Post
Jakarta
Mon, September 29, 2014

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XL to sell telecom towers to pay debts

T

he country'€™s second-largest cellular operator, PT XL Axiata, is preparing to sell some of its telecommunication towers to partly finance its debts.

The company was finalizing the bidding process on the towers, which opened in July, to ensure transparency and fairness in the sales, XL Axiata vice president of corporate communications, Turina Farouk, said.

'€œWe hope the tender will be completed by the end of this year,'€ she said as quoted by kontan.co.id on Saturday.

In February, XL Axiata president director Hasnul Suhaimi said the firm would sell a number of its towers to pay back the US$865 million used to acquire PT Axis Telekom Indonesia in March.

The firm has officially invited bidders to buy for some of its towers, which numbers 8,000 bidders in total. One of the bidders is telecommunications tower operator PT Tower Bersama Infrastructure, which has readied almost $1.8 billion for the acquisition.

The Axiata Group is a Malaysian telecommunications firm that holds a 66.5 percent stake in XL, while the public holds the remaining 33.5 percent.

 

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