Excelcom agrees USD424mn bank loans

Indonesia’s third largest mobile operator by subscribers, Excelcomindo Pratama (Excelcom), has agreed loans of IDR4 trillion (USD424.4 million) from Indonesia’s PT Bank Mandiri. The operator, a 67%-owned subsidiary of Telekom Malaysia, confirmed the signing of a deal yesterday, but declined to provide details on what it intended to do with the money.

Earlier this month, Emirates Telecommunications (Etisalat) announced it was buying a 16% stake in Excelcom from Indonesia’s Rajawali Corp for USD438 million.