XL Axiata to sell 2,500 telecoms towers

Indonesia’s XL Axiata is preparing to sell between 2,000 to 2,500 telecoms towers in a bid to repay some of its debt, the company’s CFO has told reporters.

Mohamed Adlan bin Ahmad Tajudin allegedly did not disclose any prospective buyers, nor how much the company expects to raise from a sale.

According to Reuters, XL Axiata had a total debt of 29.4 trillion rupiah ($2.1 billion) in September 2015, and the company had been trying to reduce this by selling assets and paying more expensive loans ahead of schedule.

In a stock exchange filing this week, XL Axiata said that it would look to sell the towers in an open auction this month.

In December 2015 the company reported a profit increase of 40.1% in its third quarter results.