Khazanah Nasional Berhad (“Khazanah”) is pleased to announce that Khazanah has been allocated and has subscribed to a 16.8% stake in PT Excelminda Pratama (“XL”) of Indonesia which was listed on the Jakarta Stock Exchange today. The 16.8% stake was subscribed for a price of IDR2,000 per share or for a total cash consideration of approximately USD234 million.
Khazanah believes the proposed subscription represents a significant co-investment opportunity with a key investee company. The propsed investment into XL provides an excellent platform for exposure into an important market and is an important strategic investment and commitment by Khazanah into the Indonesia telecomminucations market.