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XL Axiata falls on Axiata's acquisition plan
by hlk Thu 23 May 2013, 18:17
XL Axiata falls on parent company's acquisition plan Shares in mobile
phone operator PT XL Axiata Tbk, controlled by Malaysia-based Axiata
Group Bhd, slid as much as 3.85 per cent on Thursday, after Bisnis
Indonesia said the parent company was considering buying PT Axis Telekom
Indonesia.
PT Axis Telekom, the Indonesian unit of Saudi Telecom Co, is worth up to US$1 billion, Bisnis Indonesia said.
Nomura
Equity Research raised concerns about the deal, saying Axiata was more
hurt by Hutch than Axis and the consolidation may not change the
situation significantly.
"Hutch could even up-the-ante to gain more share if XL-Axis were to combine," Nomura said in a note on Thursday.
XL shares were down 2.88 per cent at 5,050 rupiah, the broader Jakarta Composite Index's was down 1.4 per cent.-- Reuters
phone operator PT XL Axiata Tbk, controlled by Malaysia-based Axiata
Group Bhd, slid as much as 3.85 per cent on Thursday, after Bisnis
Indonesia said the parent company was considering buying PT Axis Telekom
Indonesia.
PT Axis Telekom, the Indonesian unit of Saudi Telecom Co, is worth up to US$1 billion, Bisnis Indonesia said.
Nomura
Equity Research raised concerns about the deal, saying Axiata was more
hurt by Hutch than Axis and the consolidation may not change the
situation significantly.
"Hutch could even up-the-ante to gain more share if XL-Axis were to combine," Nomura said in a note on Thursday.
XL shares were down 2.88 per cent at 5,050 rupiah, the broader Jakarta Composite Index's was down 1.4 per cent.-- Reuters
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