The Emirates Telecommunications Corporation, or etisalat, announced on Wednesday that it has finalised the sale of a 9.1 per cent stake in PT XL Axiata Tbk (XL), an Indonesian mobile telecommunications provider. The sale of the 775 million shares to institutional investors capitalised on the recent rally in XL Axiata’s stock price and resulted in gross proceeds of Dh1,870 million to etisalat. Following the sale, etisalat retains a 4.2% ownership stake in XL. From khaleejtimes