We learned that UAE telecom company Etisalat plans to sell its entire shares in XL Axiata (EXCL). According to Reuters, Etisalat which has 13.29% ownership in XL will sell its share this year to gain $600 – $700 million.

Its incompatibility with Axiata Group as the majority share holder seems to have led to this decision to sell. If this is true, then this will be the second time Etisalat will have done the same in Asian after selling all of its share in a joint venture in India.

According to an anonymous source, Etisalat was not treated properly by the new management of Axiata Group, based in Malaysia. Over the last few years, it seems that they haven’t found a way to cooperate amicably. Etisalat bought the shares in 2007 which was worth $440 million. This means that within five years of investment in XL, Etisalat would reap about 40-60% profit.

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