Indonesian operator Excelcomindo is planning to raise $300 million through a rights issue.

Indonesian operator Excelcomindo is planning to raise $300 million through a rights issue. The operator’s majority shareholders, Malaysia’s Axiata Group and Emirates Telecommunications International, have reportedly sanctioned the issue, which will take place in the last quarter of 2009. The rights issue is likely to consist of equity and mandatory convertible notes. The funds raised from the issue will be used to help Excelcomindo improve service quality, increase its network capacity and coverage, and also allow it to repay debt.