UAE's leading telecommunications services company Etisalat said it has finalised the sale of a 9.1 per cent stake in Indonesian mobile firm PT XL Axiata for Dh1.87 billion ($509 million)

Following the sale, Etisalat will retain a 4.2 per cent ownership stake in the Indonesian firm, said the Emirati telecom firm in a statement.

The sale of the 775 million shares to institutional investors capitalized on the recent rally in XL Axiata’s stock price and resulted in gross proceeds of Dh1.87 billion to the UAE telco giant, said a top official.

"The sale is in line with the group’s strategy to focus on our core operations in order to deliver greater value to our shareholders. This investment has provided Etisalat with excellent returns and, given its recent performance, we decided to take advantage of the opportunity to crystallize some of the value created," remarked Etisalat Group CEO Ahmad Abdulkarim Julfar.

"This transaction further underscores the Etisalat management’s commitment towards being a disciplined investor for our shareholders,” he added.-TradeArabia News Service