CK Hutchison Holdings Ltd, the Hong Kong conglomerate backed by tycoon Victor Li, has made a preliminary approach to Axiata Group Bhd about a potential combination of their Indonesian telecommunications operations, people with knowledge of the matter said.
CK Hutchison informally expressed interest in exploring a combination of its Indonesian wireless business with the Malaysian carrier's local unit, PT XL Axiata, the people said. The parties haven't yet started any substantive negotiations, according to the people, who asked not to be identified because the information is private.
Shares of XL Axiata jumped as much as 9.8 per cent in early Tuesday trading in Jakarta, their biggest advance since Feb 18. The stock has risen about 76 per cent this year, giving the company a market value of US$2.65 billion.
Source: https://www.businesstimes.com.sg/technology/hutchison-mulls-indonesia-mobile-tie-up-with-axiata
