Etisalat is in the process of buying a 16 per cent stake in Indonesian telecom operator PT Excelcomindo Pratama for $438 million.

Etisalat is in the process of buying a 16 per cent stake in Indonesian telecom operator PT Excelcomindo Pratama for $438 million. Etisalat will buy 1.13 billion shares in the Indonesian firm from the Rajawali Group. The deal will enable Etisalat to nominate one member to Excelcomindo’s board. In April 2007, Telekom Malaysia bought a 7.4 per cent stake in Excelcomindo, raising its stake in the company to 67 per cent. Khazanah Nasional Berhad, an investment arm of the Government of Malaysia, owns another 16.8 per cent in Excelcomindo.