Axiata, Sinar Mas in Early Talks for Merger of Indonesia Units
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Wireless carrier Axiata Group Bhd. and conglomerate PT Sinar Mas Group are in early talks for a potential merger of their Indonesian telecommunications operations.
The owners of PT XL Axiata and PT Smartfren Telecom signed a non-binding memorandum of understanding on Wednesday, according to stock exchange filings. The plan is still in the early stages of evaluation, and both Axiata and Sinar Mas seek to remain controlling shareholders of the merged entity, the companies said.