Etisalat ETEL.AD, the United Arab Emirates' biggest telecommunications company, aims to raise up to $502 million by selling most of its stake in PT XL Axiata (EXCL.JK), in Indonesia's biggest block offering since December 2010.
The sale by Etisalat, which invested $440 million in Indonesia's third-biggest phone operator nearly five years ago, has been expected for a long time as the UAE firm has failed to expand its partnership with XL Axiata's major shareholder, Axiata Group AXIA.L of Malaysia.
The move highlights the emergence of equity capital markets in Southeast Asia, which has seen a boom in share offerings in Malaysia, Thailand and other markets. It also follows a surge of nearly 50 percent in XL Axiata shares in 2012, compared with an 8.7 percent rise in Indonesia's benchmark share index .JKSE.
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