Malaysia's Axiata seeks 66% stake in Indonesia's Link Net

Malaysian telecoms group Axiata Group Bhd is exploring a deal to acquire an equity holding of almost two thirds of Indonesia's PT Link Net Tbk shares, it said in a stock exchange filing on Friday.

The group said it and its 66.48% Indonesian subsidiary, PT XL Axiata Tbk, entered into a non-binding term sheet with Asia Link Dewa Pte Ltd and PT First Media Tbk "to facilitate discussions and negotiations for a potential acquisition" of 1.82 billion shares or a 66.03% shareholding in Link Net.

Link Net is a cable television and high speed broadband internet service provider based in Jakarta.