JAKARTA (TheInsiderStories) - PT Visi Media Asia Tbk (IDX: VIVA), a media company under Bakrie Group, to releases as much as 39 percent of PT Intermedia Capital Tbk (MDIA), the holding company of television station ANTV, to British Virgin Islands’ Reliance Capital International Ltd. The buyer is the party that receives the transfer of rights from the creditor facility to settle VIVA’ debt.
The TV station managed by PT Cakrawala Andalas Televisi. The proceed from the 5.29 billion share sale will be use to settle the Junior Facility Agreement owned by Cakrawala and PT Lativi Mediakarya) worth of US$171.83 million. The other debt will pay by Cakrawala from a loan facilities worth of Rp960 billion ($68.57 million).
Currently, total outstanding debt of the company of $239.77 million, consisting of the Junior Facility Agreement $78.37 million and the Senior Facility Agreement of $161.39 million. For the share sale transaction plans, Visi Media will request an approval from the shareholders on March 15, 2021.
Since 2019, the media firm 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.
While, Intermedia Capital offer 3.92 billion new shares of the total issued and paid-up capital. This private placement step was taken with the aimed not create new debt for both companies. 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; Rp14,000
Written by Staff Editor, Email: theinsiderstories@gmail.com
