JAKARTA - PT XL Axiata Tbk (EXCL) is ready to buy back its shares at a price of IDR 2,350 per share, for investors who reject the merger with PT Smartfren Telecom Tbk (FREN).

This plan is part of the preparation for the merger of EXCL and FREN, which has been agreed in a conditional agreement.

Ranty Astari Rachman, Corporate Secretary of EXCL, said that the buyback price was set according to the opinion of Public Appraisal Services Office (KJPP) Ruky Safrudin & Rekan.

She added that the number of shares purchased will not exceed 10% of the total issued and fully paid capital.

The following is the schedule for the implementation of the buyback of EXCL shares and the stages of the merger with FREN:

• 28 February 2025 - List of shareholders entitled to attend the GMS
• 21 March 2025 - Additional announcement regarding the merger plan
• 25 March 2025 - GMS to approve the merger
• 27 March to 10 April 2025 - Share buyback application submission period
• 16 April 2025 - Effective merger & execution of buyback transactions, as well as payment of buyback shares.

‘The merger decision was formalised at the Extraordinary General Meeting of Shareholders (EGMS) held in Jakarta on Tuesday (25/3),’ said Ranty in an official statement, Wednesday (26/3).

On Thursday (27/3), EXCL's share price rose 0.44% to Rp 2,260 per share as of 10.27 WIB. The telco's share price fell 0.44% in a week, and rose 0.89% in a month. (EF/KR/LM)