Mobile phone operator PT Exelcomindo Pratama (XL) plans to list part of its shares on the Jakarta Stock Exchange (JSX) in the second half of this year. XL is now 27.3 per cent owned by Telecom Malaysia Berhad, which has stated it wants to increase its stake in the company to 80 per cent.

Moreover, the Indonesian firm plans to issue $400 million in bonds to raise working capital and refinance debts. Exelcomindo has appointed UBS Securities, CIMB Niaga and JP Morgan Securities to underwrite the bond issue.