XL Remains Optimistic Amidst Merger Speculation

XL Axiata Tbk. (EXCL) and PT Smartfren Telecom Tbk. (FREN) have garnered significant attention amid swirling rumors of a potential merger exploration.

Annisa Kurniasari Saumi & Ana Noviani

8 Sep 2023 - 19.22
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XL Remains Optimistic Amidst Merger Speculation

A technician from PT XL Axiata Tbk carries out network maintenance at the Base Transceiver Station tower in Yogyakarta. Photo/JIBI-Rachman

Bisnis, JAKARTA—XL Axiata Tbk. (EXCL) and PT Smartfren Telecom Tbk. (FREN) have garnered significant attention amid swirling rumors of a potential merger exploration. While this speculation captures headlines, EXCL remains steadfast in its commitment to driving forward its fixed mobile convergence (FMC) strategy and fostering synergy with PT Link Net Tbk. (LINK).

On Thursday (7/9), the shares of PT XL Axiata Tbk. (EXCL) experienced an 8.06% decline, closing at IDR 2,280. This dip followed statements from the telecommunications company's management regarding the ongoing rumors of a potential merger with PT Smartfren Telecom Tbk. (FREN).

According to Bloomberg reports from Tuesday (5/9), the controllers of EXCL and FREN have engaged advisors to carefully consider the prospect of a merger. Additionally, they are contemplating alternative strategies, such as network sharing agreements and partnerships.

Responding to these speculations, XL Axiata Corporate Communications Group Head Retno Wulan emphasized the speculative nature of the information. "In our opinion, this information is still speculative, so we cannot provide any further response," stated Retno to Bisnis on Tuesday (5/9).

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