Mohamed Adlan Bin Ahmad Tajudin, chief financial officer of PT. XL Axiata Tbk. TEMPO/Aditia Noviansyah
TEMPO.CO, Jakarta - Telecom operator PT XL Axiata Tbk. will hold a rights issue for 2.75 billion units of shares (30 percent). The company is aiming to book US$500 million in proceeds, which is around Rp6.8 trillion.
"We have received an approval from the Financial Services Authority (OJK)," XL finance director Mohammed Adlan bin Ahmad Tajudin said in Jakarta Tuesday, February 2.
Adlan said XL will use the proceeds to settle the company's debts over the last two years. XL has appointed PT Mandiri Sekuritas as the underwriter. The rights issuance process is expected to be completed in June this year.
According to Adlan, XL has a foreign debt of US$498 million that will mature in 2019. He said the company has hedged all of its foreign loans.
In addition to the rights offering, XL will also seek fresh funds by selling 2,000 to 2,500 of its base transceiver station (BTS) towers.
"We don’t have a target for the tower sales, but we are hoping to get as much as possible," President director Dian Siswarini said.
