Equities

Reuters exclusively reports Malaysia's Axiata in talks to buy Indonesia telco

Reuters exclusively reports Malaysia's Axiata in talks to buy Indonesia telco

The CEO of Malaysian telecommunications company Axiata Group Bhd told Reuters it is in talks to buy a smaller rival in Indonesia in a share-swap deal to cut costs and competition in its biggest market as COVID-19 hammers businesses. “Except for the biggest player, I can tell you right now we are talking to all for some kind of an arrangement,” Axiata Chief Executive Jamaludin Ibrahim told Reuters, declining to specify a target. After PT Telekomunikasi Indonesia Tbk, Axiata unit PT XL Axiata Tbk is the second-biggest player by subscriber numbers in Indonesia.