The United Arab Emirates' biggest telecommunications company Emirates Telecommunications Corporation (Etisalat) has announced plans to sell most of its stake in Indonesian mobile operator XL Axiata, aiming to raise up to USD502 million in what will be the Asian country’s biggest block offering since December 2010. The UAE-based group owns 13.29% of the Indonesian company, which it acquired in 2007 for USD440 million, but has struggled to develop a working relationship with XL Axiata’s main shareholder, Axiata Group of Malaysia. Current estimates value the cellco at around USD500 million, considerably less than the USD600 million-USD700 million placed on it when rumours of a sale first emerged earlier this year.
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OVETEL Etisalat aims to raise USD502m from sale of XL Axiata stake
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