June 25, 2014 / 6:41 AM / 3 years ago

Indonesia's XL Axiata plans to sell 231 mln shares

JAKARTA, June 25 (Reuters) - PT XL Axiata, Indonesia’s second largest telecommunications company, said on Wednesday it plans to sell 231.1 million shares in the next two weeks.

The company has appointed PT Mandiri Sekuritas to help in the sale, XL Axiata said in a filing to the Indonesia Stock Exchange on Wednesday.

XL Axiata’s shares fell 0.10 percent to 4,995 rupiah on Wednesday.

Based on the current market price, the company could raise about 1.1 trillion rupiah ($93.30 million) from the share sale. The filing did not say what the proceeds will be used for.

XL Axiata has finalised its acquisition of Axis Telekom Indonesia from Saudi Telecom Com earlier this year. The company plans to spend 7 trillion rupiah in capital expenditure this year. ($1 = 11,790 rupiah) (Reporting by Fransiska Nangoy; Editing by Anand Basu)

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