United Arab Emirates-based Etisalat acquires 15.97% in Indonesian mobile operator Excelcomindo for AED1.6B

December 11, 2007

1 Min Read

ABU DHABI, United Arab Emirates -- Etisalat today announced the acquisition of 15.97% in the Indonesian mobile operator ‘Excelcomindo’, the third largest mobile operator in Indonesia.

Etisalat has agreed to pay $438 million (AED 1.6 billion) for the stake, implying the equity value of Excelcomindo to be USD 2.742bn (AED 9.955bn). With this acquisition, Etisalat now operates across 16 countries worldwide.

HE Mohammad Hassan Omran, Chairman, Etisalat, said: “Etisalat follows a strategy based on international best practice in investment, growing and adding value every market it enters. This investment represents an important step for Etisalat’s international expansion strategy into Asia. The Indonesian market is one of the largest and fastest growing mobile markets worldwide and it is also the third largest mobile market in Asia excluding Japan.”

Etisalat acquired 1.132 billion ordinary shares of Excelcomindo from Rajawali Group. Upon the completion of this transaction, Etisalat has the right to nominate a seat on the Board of Commissioners and one seat for the Board of Directors of Excelcomindo.


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