Indonesia’s PT Excelcomindo Pratama (XL), which is 83.8 per cent owned by Malaysia’s Axiata Group (formerly Telekom Malaysia International), is planning to raise $300-$600 million in 2009 to fund its recapitalisation.

Indonesia’s PT Excelcomindo Pratama (XL), which is 83.8 per cent owned by Malaysia’s Axiata Group (formerly Telekom Malaysia International), is planning to raise $300-$600 million in 2009 to fund its recapitalisation. XL is likely to raise the funds through a rights issue. The parent company hopes that the recapitalisation exercise will help XL improve service quality, increase its network capacity and coverage and also allow it to repay debt.