JAKARTA (TheInsiderStories) - Indonesian media group, PT Visi Media Asia Tbk (IDX: VIVA), plans to spends Rp1 trillion (US$69.44 million) in this year, to develop content and digital businesses, said the management today. While, the shareholders approved the sale 39 percent of PT Intermedia Capital Tbk (IDX: MDIA) shares to Reliance Capital International Ltd.
President director of the company, Anindya Novyan Bakrie, said virtually, the values of the share sale of the the operator of television station ANTV amounted to $171.8 million or Rp158 a share and will be carried out this month. He continued, the transaction was part of the debt repayment to the lender which was signed on Dec. 22, 2020.
Based on the agreement, the issuer will pay the Junior Facility Agreement of $78.37 million and the Senior Facility Agreement of $161.39 million. The other debts will be settled through bank loan facilities from national banks with worth of Rp960 billion and wiht cash settlement of $171.82 million will be paid with Intermedia Capital shares.
While the new president director of the unit, Arief Yahya, explained the two new digital and content companies are targeting to start operating in the first semester of 2021. The former CEO of state firm, PT Telkom Indonesia Tbk (IDX: TLKM), the digital businesses is expected to contributes around 15 - 20 percent of the parent revenues.
“The investment has not been calculated, but we will start with a partnership first with a technology provider business partner,” he asserted.
Since 2019, the unit of Bakrie Group offered the Intermedia Capital shares to the strategic investors. President director of the operator, Anindya Novan Bakrie, said, the corporate action will be executed in two schemes through a private placement and debt to equity swap.
Earlier, Pieter Tanuri, former owner of the tyre-maker, PT Multistrada Arah Sarana Tbk (IDX:MASA) and Hary Tanoesudibjo the founder of MNC Group, has shown their interest to buys the shares. At that year, Tanuri its reported will joined Erick Thohir, the existing VIVA’ shareholders, to bought the company. But there is no continuation on the plans.
With his brother Garibaldi Thohir through TNT Group, the family is the owner of Visi Media, Intermedia Capital, and Cakrawala shares joined with Bakrie’ family and other shareholders. At that year, VIVA issued as much as 1.64 billion shares of the total issued and paid-up capital.
After the transaction, VIVA will hold 51 percent shares of Intermedia, Reliance 39 percent, and public 10 percent. The management stated the share sale are carried out with a free of payment mechanism, an instruction for the book-entry of securities without payment of funds.
US$1: Rp14,400
Written by Staff Editor, Email: theinsiderstories@gmail.com
