Shareholders approve XL’s takeover of Axis; final regulatory approval expected in March

7 Feb 2014

Indonesian cellco XL Axiata, a subsidiary of Malaysia’s Axiata, has received approval from its shareholders to acquire Axis Telekom Indonesia. In September 2013 XL signed a conditional sale and purchase agreement with Saudi Telecom Company (STC) and STC’s subsidiary Teleglobal Investments (Teleglobal) to acquire their 95% stake in Axis for USD865 million. Hasnul Suhaimi, president director of XL, told reporters on Wednesday that it had secured all approvals for the acquisition except from the business competition watchdog KPPU. ‘We hope to gain approval from KPPU by the end of March,’ Hasnul said.

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