Indonesia's Excelcomindo Pratama plans $300 million equity, mandatory convertibles rights issue

By Jennifer Chiou

New York, Aug. 5 - Axiata Group Bhd. (formerly TM International Bhd.)'s PT Excelcomindo Pratama Tbk. announced plans for a $300 million equity and mandatory convertible notes rights issue.

The company noted that the details of the offering are to be determined and released at a later date.

The purpose of the issue is to raise capital, allowing for financial flexibility. The company said it will principally use the proceeds to repay debt.

Axiata and Emirates Telecommunications Corp. International Indonesia Ltd. have both agreed to fully subscribe to their rights entitlement under the rights issue.

"As the largest shareholder, we are obviously committed to the long term growth of XL and definitely believe in its potential," Dato' Sri Jamaludin Ibrahim, president and group chief executive officer of Axiata, said in a news release.

"This financing process demonstrates Axiata's full support and backing to XL, and will provide XL the financial ability to continue investing in its business and to continue strengthening its market position."

Excelcomindo Pratama is a cellular telephone operator based in Jakarta, Indonesia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.