UAE telecom operator Etisalat plans to sell its entire 13.29 percent stake in Indonesia's No.3 phone firm PT XL Axiata , to raise between $600 to $700 million this year, sources said on Tuesday.
Etisalat has been considering the sale for months after failing to expand its partnership with XL Axiata's major shareholder, Malaysia's Axiata Group, three sources with direct knowledge of the matter said.
"Etisalat thinks it hasn't been treated well in this deal... the reality is that the relationship soured a bit with the new management of Axiata," said one of the sources, who declined to be identified because of the sensitivity of the matter.
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