Indonesia Market Summaries 2 July 2014

PT XL Axiata Tbk (EXCL, Rp 5.075) to sell towers in 2H.
EXCL plans to sell part of its telecommunication towers in the second half of 2014 and will use the fund to proceeds the pay off of a portion of its debt which amounting to IDR 22 trillion (USD 1.9 billion).


The company has formed a bid committee to make recommendations to the board of commissioners and directors of the company. Although not mentioned the details of the number of towers that are intended to be sold, the company had mentioned will sell approximately 7,000 towers in the price of 9 to 10 times from EBITDA  tower business. (Bisnis Indonesia)


PT Bank Rakyat Indonesia Tbk (BBRI, Rp10.375, BUY, TP Rp12.100) allocates Rp 3 trillion on acquisition. BBRI allocated 3 trillion for investment in order to create inorganic growth. Currently, the company is following due diligence on the acquisition of PT Bank Mutiara Tbk (BCIC, Rp50) and two insurance companies. (Investor Daily)


PT Newmont Nusa Tenggaran complained Indonesia to the International Arbitration. Complaints that aims to overturn a ban on the export of raw mineral policy, whereas NNT have got delays on exports ban until 2017. (Kontan)


for Indonesia Market Summaries 2 July 2014