EXCL and FREN Stock Prospects Amid Merger Talks

The planned merger between XL Axiata and Smartfren Telecom is expected to become a tailwind for the companies’ stock performance.

Annisa Kurniasari Saumi

18 Mei 2024 - 17.05
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EXCL and FREN Stock Prospects Amid Merger Talks

An employee working at XL Axiata’s office/Bisnis-Arief Hermawan P

Bisnis, Jakarta — The planned merger between telecommunication companies PT XL Axiata (EXCL) and PT Smartfren Telecom (FREN) is expected to become a tailwind for both companies’ stock performance.

The merger is said to seek more affordable service rates to meet increasing public demand. However, in a disclosure to the Indonesia Stock Exchange (IDX), EXCL's corporate secretary Ranty Astari Rachman said the merger plan is still in its preliminary evaluation stage. According to her, Axiata, as a shareholder of EXCL, and Sinar Mas, a shareholder of FREN, aim to remain the controlling shareholders of the merged entity.

"There is no certainty that the ongoing talks will result in a binding agreement or the completion of the proposed transaction," Ranty said on Friday (17/5/2024).

Ranty added that she is unable to disclose information on which company will remain post-merger as information on this matter has yet to be passed from shareholders to EXCL.

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