Flooring Guide by Cinvex – JAKARTA – Axiata Investments Indonesia (AII) has recently made headlines with a significant reduction in its ownership of PT Link Net Tbk (LINK). The telecommunications giant divested more than 136.20 million shares, consequently lowering its stake in the prominent internet service provider from an initial 75.42% to a new figure of 70.66%.
According to Rininta Agustina Widya Pratika, Corporate Secretary of LINK, Axiata precisely offloaded 136,203,259 shares on August 26, 2025. Following the completion of this share divestment, AII’s total holding in Link Net now stands at 2.03 billion shares, representing 70.66% of the company’s entire issued and paid-up capital, as detailed in a public information disclosure dated Saturday, August 30, 2025.
The shares were divested at a price of Rp3,060 per share, equating to a total of 4.76% of LINK’s outstanding shares. It is noteworthy that while Axiata remains the controlling shareholder, PT XL Axiata Tbk (EXCL), also known as XLSmart, holds a substantial 19.22% stake in Link Net, further solidifying the Axiata Group’s influence.
This divestment comes amidst persistent rumors of various parties expressing interest in acquiring LINK from the Axiata Group. Reports have particularly highlighted Surge (WIFI) and I Squared Capital as the frontrunners in the potential acquisition bid. Furthermore, speculative reports have also named major Indonesian conglomerates, including the Salim Group and Sinar Mas Group, as potential contenders eyeing the transaction.
Addressing these swirling acquisition rumors, Link Net Corporate Secretary Rininta Agustina Widya Pratika, through public disclosures, confirmed that the company is aware of preliminary considerations by the controlling shareholder to approach potential strategic investors. However, she emphasized that as of now, no further detailed information has been conveyed to Link Net’s management. In a letter addressed to the Indonesia Stock Exchange (IDX) some time ago, Rininta reiterated, “The company has not received any other information from the controlling shareholder regarding this matter or its developments.”
It is important to recall that Axiata Group, in partnership with EXCL, initially acquired LINK from the Lippo Group in 2022. That landmark transaction involved the acquisition of a 66.03% stake in LINK at a price of Rp4,800 per share, valuing the deal at approximately Rp8.72 trillion.
On the financial front, Link Net has faced significant challenges. For the first half of 2025, the company reported a net loss attributable to the parent entity of Rp619.69 billion. This figure represents a substantial increase compared to the Rp282.3 billion loss recorded during the same period in 2024, underscoring the pressing need for strategic advancements and potential restructuring.
Summary
Axiata Investments Indonesia (AII) recently reduced its ownership in PT Link Net Tbk (LINK) by divesting 136,203,259 shares on August 26, 2025. This transaction lowered AII’s stake from 75.42% to 70.66% at a price of Rp3,060 per share, representing 4.76% of LINK’s outstanding shares. Despite the divestment, Axiata remains the controlling shareholder, with PT XL Axiata Tbk (EXCL) also holding a significant 19.22% stake.
This divestment occurs amid ongoing rumors of various parties, including Surge (WIFI) and I Squared Capital, interested in acquiring LINK from the Axiata Group. Link Net’s management acknowledges preliminary considerations by the controlling shareholder to approach potential strategic investors, though no detailed information has been conveyed. Financially, Link Net reported a substantial net loss of Rp619.69 billion for the first half of 2025, an increase from the previous year.