JAKARTA – The planned merger between PT XL Axiata Tbk (EXCL) and PT Smartfren Telecom Tbk (FREN) has not yet received full approval from its creditors.

Previously, EXCL set a deadline of 25 December 2024 for creditors to submit objections regarding the merger plan. “The company received one objection letter dated 24 December 2024 from one of its vendors,” EXCL Management stated in its official announcement on Friday (17/1).

In response to the objection, EXCL Management will coordinate with the vendor to seek a mutual resolution.

It is worth noting that EXCL and FREN are required to obtain approval from their creditors to proceed with the merger. This requirement is intended to anticipate various negative covenants.

At the end of 2024, EXCL and FREN announced that the merger is expected to be completed in the first half of 2025. (KR/ZH)