Axiata to dispose of 5% stake in XL

KUALA LUMPUR: Axiata Group Bhd's subsidiary Axiata Investments (Indonesia) Sdn Bhd has entered into a sales and purchase agreement to dispose of 533,409,349 shares or a 5% stake in PT XL Axiata TBK to Ferrymount Investments Ltd for IDR1.44 trillion (RM423.5mil).

In a filing with Bursa Malaysia, the group said the disposal consideration of IDR2,700 or 79 sen per XL share represents a discount of about 5% to the one-month volume weighted average market price (VWAP) of XL shares to and including Sept 23, 2021, of IDR2,847.