JAKARTA. Seeing the opportunities, foreign investors reportedly acquired millions shares of PT XL Axiata Tbk (EXCL) when its price was at downtrend yesterday (11/12).

According to IDNFinancials data, EXCL’s price was corrected 2.18% or 50 index points to IDR 2,240 per share at yesterday’s closing. At the opening bell, its price arrived at IDR 2,290 per share.

Despite the dip in the price, foreign investors registered purchases of 63.83 million shares of EXCL yesterday. With foreign sell clocking up to 28.7 million shares, net foreign buy arrived at 35.13 million shares.

Net foreign buy of EXCL was also recorded last Tuesday (10/12) with net purchases of 19.05 million shares.

As reported before, EXCL recently finalised a definitive agreement regarding the merger with PT Smartfren Telecom Tbk (FREN). Post-merger, EXCL will be the surviving entity rebranded as PT XLSmart Telecom Sejahtera Tbk (EXCL), with an enterprise value of IDR 104 trillion.

EXCL also announces the plan for a shares buyback from minority shareholders opposing the merger plan, setting the exercise price to a price of IDR 2,350 per share. (KR/ZH)