Indonesian MNC Sets Up Joint Venture With Chinese Tencent
(The Insider Stories) - Media Nusantara Citra (MNC) Group, Indonesia’s biggest media company controlled by media mogul Hary Tanoeseoedibjo, forged a cooperation with Tencent, China’s top online gaming and social networking firm.
MNC Group and Tencent will establish a joint venture, with financial support from Hillhouse, a leading Asia-based institutional investment firm.
The venture, which will be named PT MNC Tencent, will introduce WeChat, online games and other internet products, Hary told reporters on Thursday. MNC and Tencent will have half stake each in the venture.
“Our target will be the mobile internet users. We are aiming for 80 millions subscriptions,” said Harry Tanoesoedibjo.
“The combination of Tencent’s unique technology and expertise as well as MNC Media’s significant presence in Indonesia’s media industry,” he added.
Tencent President Martin Lau Chi Ping said: “It’s a special moment for us. We are here to announce JV which involve Tencent, MNC and Hillhouse. This JV is going a local internet company to Indonesia peoples. Three of us will contribute huge financial, resources and IT services to grab Indonesian market. This is the best way to develop business in Indonesia with a local partner.”
“Why we are here? We see a great business opportunity in Indonesia. It’s a country of large population, large of youngest people population and one of the highest GDP growth in the world.”
One of Tencent’s mos popular products is WeChat, the free social communication services for smartphones that has garnered more than 300 millions registered user account worldwide.
This application has been available in Indonesia since 2012.
