PETALING JAYA: Axiata Group Bhd ’s unit, Axiata Investments (Indonesia) Sdn Bhd, will dispose of its 5% stake in XL – or 533.41 million shares – to Ferrymount Investments Limited (FIL), Procap Partners Ltd and Tiga Investments Pte Ltd for 1,440,205 million rupiah (RM423.5mil). This is equivalent to 2,700 rupiah or 79 sen per XL share, the group said in a circular to Bursa Malaysia. Axiata held a 66.5% equity stake in XL, which is listed on the Indonesia Stock Exchange, prior to the disposal. The disposal will also see FIL granting Axiata the option to purchase the 5% stake in XL from FIL at 2,700 rupiah per XL share, the announcement said. Axiata said the disposal will provide XL with access to partnerships with Procap and Tiga Investments, which will help place XL in a better operational footing in the near future.
