JAKARTA (TheInsiderStories) – The Bakrie Group media, PT Visi Media Asia Tbk (VIVA) will divest its shares by 25 percent maximum in the third quarter of 2019, said the president director on Wednesday (05/29).
Anindya Novan Bakrie said, the company’ corporate action will be executed in two schemes, with private placement as one of its choices. Recently, he said, there are three investors has shown their interest to buy VIVA’ shares.
One familiar name Pieter Tanuri, former owner of the tyre-maker, PT Multistrada Arah Sarana Tbk (IDX:MASA), has talked with the group. News of Tanuri’ plan to enter VIVA has been blowing since February this year.
The owner of the Bali United club is rumored have started buying VIVA shares from the market. Tanuri did not deny the rumor, but he was not yet willing to explain in detail the action.
Tanuri its reporterd will joined Erick Thohir, the existing VIVA’s shareholders, to bought Bakrie’ media company. With his brother Garibaldi Thohir through TNT Group is the owner of Visi Media, PT Intermedia Capital Tbk (IDX: MDIA) and PT Cakrawala Andalas Television, joined with Bakrie’ family and other shareholders.
Its acknowledge, Thohir has sold 31.05 percent shares at Italian football club Inter Milan to LionRock Capital for 150 million euros or equivalent to Rp2.40 trillion. The issue was immediately ignored by him. According to him, its just mere market gossip.
He claimed, the money was partly to restore his personal capital and pay off debts. Because he acknowledged that every investment abroad was partly financed from debt.
Bakrie stated, VIVA planned to use the funding gathered for paying debts and adding working capital. Previously, on March 19, Visi Media Asia and its subsidiary Intermedia Capital said will make an additional capital through a private placement by releasing as many as 10 percent shares, each.
It said, VIVA will issues as much as 1.64 billion shares of the total issued and paid-up capital. The purpose of this planned is to pay off its subsidiary’ debt PT Lativi Mediakarya in the form of a Senior Facility Agreement with a value $9.94 million. The debt will mature in October 2019.
Meanwhile, Intermedia Capital will issue 3.92 billion new shares of the total issued and paid-up capital. Not much different from the parent company, this fund will also be used for the payment of Cakrawala Andalas Television’ Senior Facility Agreement, a subsidiary of MDIA with a value $21.94 million due in October 2019. The remainder will be used for Anteve operator’ working capital.
This private placement step was taken with the aim that later it would not create new debt obligations for both companies because the source of funds for debt payments was not in the form of loans.
This corporate action for both companies will have a positive impact to reduce the debt burden on a consolidated basis and providing equity revenues that can strengthen its capital structure. In addition, the company’ cash flow performance will also increase to support the company’ activities.
This corporate action will create a dilution effect for share ownership of each company’ shareholders of 9.09 percent even though it does not reduce the number of shares held.
The companies will ask for their shareholders’ approval to launch this plan at the Extraordinary General Meeting of Shareholders scheduled for April 25, 2019.
In the Annual General Meeting (AGM) Visi Media Asia approved the appointment of Ilham Akbar Habibie to become the company’ independent commissioner, replacing Raden Mas Djoko Setiotomo. Ilham was previously listed as Independent Commissioner of Intermedia Capital.
In addition, the AGM also agreed that there would be no dividend distribution for the 2018 financial year, considering that over the past year, VIVA still pocketed a net loss of up to Rp1.01 trillion.
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