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XL Axiata Announces Resignation of Budi Pramantika Director and Chief Finance Officer

Jakarta, Maret 8th  2023. PT XL Axiata Tbk (XL Axiata) announces that Budi Pramantika has tendered his resignation from the Board of Directors as a Director & Chief Finance Officer (CFO) XL Axiata on 6th  March 2023. Budi Pramantika resigned from his position as director due to personal reasons, after serving as Finance Director since October 2020. 


President Director of XL Axiata, Dian Siswarini said, "As Finance Director, Mr Budi has contributed greatly to XL Axiata's ability to maintain financial performance, including during the difficult Covid-19 pandemic, as well as in the face of intense telecommunications industry competition, through the implementation of a number of financial management policies. Now, with solid financial fundamentals, XL Axiata is ready to face industry challenges in 2023. For this reason, the management of XL Axiata would like to thank him for his hard work and dedication to the company. We pray for his success."


The following are some of Budi Pramantika's major contributions during his tenure as Finance Director of XL Axiata:


  1. Optimum Asset management. This step was taken to address the challenges of the telecommunications industry by maximising asset management. All assets owned by the company, be it fixed assets, investments, sale & lease back or capex, must be optimised.


  1. Fundraising to strengthen capitalisation. To finance capex, XL Axiata has raised funds other than bank loans, namely through the issuance of Bonds and Sukuk, as well as Right Issue. Through this policy, which aims to strengthen the company's financial structure by 2022, XL Axiata has managed to raise a total of around IDR 8 trillion. Respectively IDR 3 trillion through Bond and Sukuk in September 2022 at very competitive prices and around IDR 5 trillion through Right Issue.


The funds raised have strengthened the balance sheet and enabled XL Axiata to maintain its current AAA investment grade rating. In addition, this success has also balanced the company's debt profile so that it is better prepared for potential interest rate hikes in the future.


  1. Digital transformation in finance. This digitization needs to be applied to the financial side of the company to further improve financial performance. All processes in finance need to be converted to digital and automation. The financial processes include business cases, sourcing processes, contracting, payments, and bookkeeping.


  1. Effective & efficient cost management, particularly the implementation of operational excellence and opex savings. This policy is to support the achievement of the company's performance, such as a reduction in tower rental costs, potential reduction in interest expenses related to the issuance of Bonds and Sukuk, and Right Issue.


Furthermore, the company will seek for approval of the resignation at the nearest General Meeting of Shareholders. 


  • Corporate Action & Finance