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XL Axiata Selling Towers to Reduce Debt

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Indonesia's XL Axiata has confirmed that it plans to sell some of its telecoms towers to help pay down its debt.

The sale would be through an open auction later this month, according to a stock market filing.

The company did not offer any more details.

Just last month it was reported that the company was looking to raise US$500 million during this year to help pay down its debt. The options included a shares offering, or the sale of assets.

XL Axiata currently has debt of USD1.8 billion, which has doubled since 2012.

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Tags: xl axiata  Indonesia