Deals
XL Axiata Falls as Malaysian Parent Said Planning to Cut Stake
- Malaysia’s bigest wireless carrier raising funds to cut debt
- Axiata to cut stakes in Indonesia, Sri Lanka, Cambodia units
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PT XL Axiata, the Indonesian wireless carrier, fell to the lowest in nearly a year after people with knowledge of the matter said its Malaysian parent company is planning to sell part of its stake.
Shares of XL Axiata dropped as much as 4.9 percent Tuesday and were down 3.4 percent to 2,560 rupiah at 12:29 a.m. in Jakarta, headed for their lowest close since October 2015. The benchmark Jakarta Stock Exchange Composite Index fell 1.6 percent. Axiata Group Bhd., Malaysia’s biggest mobile-phone operator, is seeking to trim stakes in some of its overseas operations in deals that could raise as much as $700 million, people familiar with the matter said.