XL Axiata, Indonesia’s second largest mobile operator by subscribers, has confirmed that it plans to sell 231.1 million shares within the next two weeks. As per a filing with the Indonesia Stock Exchange (Bursa Efek Indonesia, or IDX), the company has appointed PT Mandiri Sekuritas to assist with the sale. Based on its current market price, the telco could raise IDR1.1 trillion (USD93.3 million) from the share sale. The filing did not say what the proceeds will be used for.
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