Saturday, 13/03/2010 00:00 WIB
XL shares to be offered at 10% discount
Irvin Avriano A.
for Bisnis Indonesia
JAKARTA: The divestment of 20 percent shares of PT XL Axiata Tbk by the holding company, Axiata Group Berhad, thorugh private placement is likely at discount price of 10 percent at minimum.
An informed local investment manager said the discount is given so as to lure investors. "If premium, the sale will be less attractive," he said to Bisnis yesterday.
The third largest cellular operator stock price, EXCL, yesterday was falling 14 percent into IDR3,500 so that the market capitalization was IDR29.78 trillion. The price to earning ratio was 14.53 times.
Referring to the EXCL stock price yesterday, Axiata could offer a par value of IDR3,150 in the later private placement.
In the public expose to the Malaysia stock exchange, Axiata that was formerly called TM International that had 86.5 percent XL shares, will sell the stocks to give chance to investors direct participation for the business growth of XL.
In addition to Axiata, Etisalat Interna-sio-nal owns 13.31 percent of XL shares and the rest goes to public investors, which is now only 0.2 percent of the stock placement and participation.
Indonesia Stock Exchange (IDX) many times called XL management to expand portion of public stocks. However, the call has not made any change. XL management and the holding company still stick on the small portion of public possession.
Goldman Sachs will act as the EXCL shares global sales coordinator. Meanwhile, CIMB Investment Bank will serve as the bookrunner and Mandiri Sekuritas leads the sales as manager.
Dato' Sri Jamaludin Ibrahim, President and CEO group of Axiata, said the last offer price and the divested shares will be defined after bookbuilding process. The offering is expectedly to finalize next April.
Last year XL recorded good operational and financial performances "Along with the scheme and economy recovery as the drive for capital market, we believe that now is the right momentum to offer XL stocks," he said.
Almost at the same time, PT Pemeringkat Efek Indonesia (Pefindo) yesterday upgraded XL and its bond rating from A+ rating into AA- due to the better financial profile.
"Finance profile is mostly supported by the more conservative financial leverage, stable market position, and the high credit worthiness from the company shareholders," said analyst of Pefindo Niken Indriarsih.
Separately, Service Sector Company Finance Appraisal Bureau Chief of Bapepam-LK Noor Rachman said the bourse authority still demand the XL management to expand the public portion as from the current portion of 0.2 percent.