REPUBLIKA.CO.ID, JAKARTA - The third largest mobile phone operator in Indonesia, PT XL Axiata finally acquired 95 percent shares of PT Axis Telekom Indonesia. This acquisition was carried out through signing of conditional purchase agreement between XL with Teleglobal Investment BV through Saudi Telecom Company (STC). Teleglobal is a subsidiary of STC which owns Axis.

"XL will buy shares of Axis with value transaction reaches 865 million USD," Coorporate Secretary of XL, Murni Nurdhi said on Thursday.

This transaction was carried out after the approval of some regulators, such as Ministry of Communication and Information Technology, Investment Coordinating Board (BPKM) and Business Competition Supervisory Commission (PKPU). Transaction also required approval from shareholders through general meeting of shareholders.

Nurdhi explained this transaction was major step of XL to support telecommunication industry. With this acquisition, XL believes it will benefit all stakeholders, including customers through improvement of service quality, greater capacity and wider network.

XL and Axis can perform optimal asset utilization by saving capital expenditure and operational expenditure. Once all required conditions are met, XL will complete the transaction. Purchase of majority shares of Axis is expected to be completed next March 31, 2014. 

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