PT Mahaka Radio Integra, a radio broadcasting company is set to offer up to 30 percent of enlarged capital through initial public offering (IPO) in December. However, the company has yet to disclose the share price. According to a prospectus published on Monday (Nov 30), the company, owned by tycoon Erick Thohir, would offer 171.4 million shares in the IPO, which consists of 114 million new shares and divestment of 57.1 million shares of one shareholder PT Fajar Mentari.
The company said, about 40 percent of the proceeds will be used to pay off the company’s debt to PT Bank UOB Indonesia and 60 percent will be used towards business development. Mahaka Radio will offer its shares to the public (public offer) on Dec. 17 and Dec. 18 and followed by listing on the Indonesia Stock Exchange on Dec. 28. The company has appointed PT Trimegah Securities Tbk (TRIM) as underwriter for the shares IPO. Mahaka Radio Integra, a subsidiary of media group PT Mahaka Media Tbk (IDX: ABBA), is the operator of two radio stations Gen FM and Jak FM broadcasting across Jakarta and Surabaya. (*)