The television operator, PT Surya Citra Media Tbk (IDX: SCMA) plans to buyback shares up to 20 percent of enlarged and paid up capital - Photo by the Company

JAKARTA (TheInsiderStories) – The television operator, PT Surya Citra Media Tbk (IDX: SCMA) plans to buyback shares up to 20 percent of enlarged and paid up capital, said the issuer on Monday (10/20). The company prepared funds worth of Rp1.3 trillion (US$88.43 million) for the corporate action and will be carried out starting Sept. 9 to Dec. 8, 2020. 

Last year, one of the larges media in Indonesia has acquired 99 percent of PT Vidio Dot Com shares with values of Rp104 billion from PT Mediatama Anugrah Citra. The provider is a video streaming service that also provides sports, music, entertainment and film content services.

Then, bought 51 percent at PT Kapanlagi Dot Com Network for Rp174.7 billion. The company oversees several online media such as liputan6.com, merdeka.com, kapanlagi.com, fimela.com, bola.com,bola.net, brilio, otosia.com, and dream.co.id.

The issuer also acquired 99 percent of PT Binary Ventura Indonesia shares which owns 60 percent ownerships in PT Estha Yudha Ekatama and 50 percent stake in PT Samara Media Entertainment. Estha Yudha Ekatama owns space ads and Samara Media Entertainment has a film studio business, marketing influencer, event promoter and e-sports with a value of Rp45.45 billion.

Last year, the issuer also increased its capital through a private placement mechanism by issuer 1.46 billion shares or equivalent to 10 percent of the issued and fully paid capital with a nominal value Rp50 a share. Funds from a private placement used for business expansion by acquiring new media companies.

In the first half of this year, the issuer earned Rp2.36 trillion in revenues, dropped 14.49 percent compared to 2019 worth of Rp2.76 trillion. The net profit also fell 23.20 percent from Rp782.48 billion to Rp600.91 billion.

In details, revenues from advertising Rp2.71 trillion or a 12.58 percent decreased compared to last year worth of Rp3.10 trillion and other income also fell from Rp281.14 billion to Rp175.87.

US$1: Rp14,700

Written by Editorial Staff, Email: theinsiderstories@gmail.com