Axiata CEO says in talks to buy smaller Indonesia telecom rival

FILE PHOTO - A security officer guards in front of the Axiata headquarters building in Kuala Lumpur May 28, 2014. REUTERS/Samsul Said

Malaysian telecommunications company Axiata Group Bhd 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, its CEO told Reuters.

After PT Telekomunikasi Indonesia Tbk, Axiata unit PT XL Axiata Tbk is the second-biggest player by subscriber numbers in Southeast Asia’s most populous country. Axiata is followed by PT Indosat Tbk, PT Smartfren Telecom Tbk and the local telco unit of Hong Kong conglomerate CK Hutchison Holdings Ltd.

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