XL's Rights Issue On Track - To Be Completed by December 2009


Kuala Lumpur, 16 October 2009, PT Excelcomindo Pratama Tbk's (“XL”) rights issue exercise (“Rights Issue”) is on track as scheduled and expected to be completed in December 2009. The summary of the initial prospectus in relation to the Rights Issue was published in Indonesian local newspapers today. As reported earlier, Axiata Group Berhad (formerly known as TM International Berhad) (“Axiata”) via its wholly owned subsidiary, Indocel Holding Sdn Bhd (“Indocel”), will undertake to subscribe its full entitlement under the Rights Issue. In ensuring that the Rights Issue is successful and to meet the regulatory requirements in Indonesia, Indocel which holds 83.8% of XL, has also entered into a Standby Buyer Agreement in which Indocel undertakes to subscribe to all the unsubscribed shares under the Rights Issue (“Unsubscribed Rights Shares”).This further signifies Axiata's continued commitment, as the largest shareholder of XL, to the long term growth and beliefs of XL's potential.

The Rights Issue

With a view to expedite and reduce the complexity of the exercise, the Rights Issue of approximately USD300 million will be undertaken by way of issuance by XL of 1,418 million new Ordinary shares of IDR100 each (“Ordinary Share”) on the basis of 1 Rights Share for every 5 existing Ordinary Shares at an issue price of IDR2,000 per share.

The subscription by Indocel of its entitlement and the Unsubscribed Rights Shares does not require the approval of Axiata's shareholders. The extraordinary shareholders meeting to obtain the approval of the shareholders of XL in relation to the Rights Issue is expected to be held on 16 November 2009.


About Axiata


Axiata is one of the largest Asian telecommunication companies, focused in high growth low penetration emerging markets. Axiata has controlling interests in mobile operators in Malaysia, Indonesia, Sri Lanka, Bangladesh and Cambodia with significant strategic stakes in India, Singapore and Iran. India and Indonesia are amongst the fastest growing markets in the world. In addition, the Malaysian grown holding company has stakes in non mobile telecommunication operations in Thailand and Pakistan.

The Group's mobile subsidiaries and associates operate under the brand name ‘Celcom' in Malaysia, ‘XL' in Indonesia, ‘Dialog' in Sri Lanka, ‘AKTEL' in Bangladesh, ‘HELLO' in Cambodia and ‘Idea' in India, ‘M1' in Singapore and ‘MTCE' in Iran (Esfahan).

As of December 2008, The Group's, including its subsidiaries and associates, has over 90 million mobile subscribers in Asia. The Group revenue for 2008 was RM11.3 billion. The Group provides employment to over 25,000 people across Asia. Axiata's vision is to be a regional champion by 2015 by piecing together the best throughout the region in connectivity, technology and people, uniting them towards a single goal: Advancing Asia.

Axiata was awarded the Frost & Sullivan 2009 Asia Pacific ICT Award for Best Telecom Group.