Business | Telecoms

Axis deal 'largest in Asia'

Axis, the Indonesian subsidiary of Saudi Telecom, has completed a $1.2 billion financing deal, the company said on Tuesday

  • By Kevin Scott, Staff reporter
  • Published: 11:34 May 24, 2011
  • Gulf News

Dubai: Axis, the Indonesian subsidiary of Saudi Telecom, has completed a $1.2 billion financing deal, the company said on Tuesday.

The move, which comprises of three separate facilities and has a tenor of seven and a half years, is designed to fund Axis' expansion into mobile broadband and improve its nationwide coverage.

"This deal is one of the largest Islamic finance deals in Asia and one of the largest international financing deals in East Asia," said Ameen Al Shiddi, Saudi Telecom Company's chief financial officer.

Saudi Telecom, Saudi Arabia's largest phone operator by market value, said on March 12 that it raised its stake in Axis to 80.1 per cent from 51 per cent

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