JAKARTA (IndoTelko) - PT XL Axiata Tbk (XL Axiata) entered into a Conditional Sale and Purchase Agreement (CSPA) to sell its entire ownership share in PT XL Planet (elevenia) along with SK Planet Global Holdings Pte. Ltd. (SK Planet)’s share, to PT Jaya Kencana Mulia Lestari and Superb Premium Pte. Ltd.
The strategic exit choice will enable XL to better focus its efforts in the core strengths and business of growing the data in becoming the leading mobile data provider in Indonesia. In addition, it will reduce the share of losses from elevenia and allow XL to allocate capital to generate value creation to its shareholders and provide better services to its customers.
Dian Siswarini said, "We have taken this decision after a thorough review of all options to bring additional value to the company. This allows us to be more focused as a preferred data services provider while continuing our support in e-commerce industry through digital features in the data services for customers."
The e-commerce sector has since become overcrowded and as a result, intensely competitive driving the sector into hyper investment mode. New entrants of large players backed by investors with deep pockets have led to an increasingly tougher environment and greater uncertainty in the path to profitability.
XL Axiata owns 50% of shares of elevenia, equivalent to that held by SK Planet. The CSPA Agreement applies to the transfer of the shares owned by XL Axiata and SK Planet. The transaction is expected to close within the second half of the year upon the completion of all conditions including obtaining required approvals from respective authorities.(es)