Mobile phone operator PT Excelcomindo Pratama's subscribers jumped 63.2% last year, driven by lower prepaid rates and cheaper handset prices, Reuters reported.
Excelcom, 67% owned by Telekom Malaysia, said in a statement on Friday (11/1/08) it ended 2007 with 15.5 million subscribers compared with 9.5 million in the previous year.
The increase in the number of subscribers pushed the third-largest mobile phone operator's fourth-quarter revenue up over a fifth from the previous three months, but the firm did not give financial details.
In the three months ended September 30, Excelcom's revenue was slightly over Rp2 trillion ($213.2 million). In anticipation of higher growth in the sector, Excelcom plans to raise up to $950 million of new funding, which will be used to pay for this year's capital spending and refinance its $350 million bonds in January.
"At this moment, XL already has Rp6.7 trillion in place and expects to lock in another $150 million within this month," the company said.
In December, Excelcom reached an agreement to borrow Rp4 trillion from the country's largest lender, PT Bank Mandiri.
Emirates Telecommunications (Etisalat), a Middle East firm, said in December it was buying a 16% stake in Excelcom from Rajawali Corp for $438 million.