MNC Vision Networks Eyes IPO in June
JAKARTA (TheInsiderStories) — A pay TV and broadband service company, PT MNC Vision Networks is estimated to be listed in Indonesia Stocks Exchange, in June 2019.
By Initial Public Offering (IPO), French Vivendi SA or Hong Kong’ Argyle Street would probably take some of MNC Vision shares, as management chose to not disclose the investor’s name and called it secrecy.
MNC Vision’ parent company, PT Global Mediacom Tbk (IDX: BMTR) is now in negotiations process over the investment. Investor Relations of Global Mediacom Marshall Pheri said the positive discussion is consistently ongoing with several potential parties. They also have signed initial requirements and conditions document, which is part of the due diligence process.
“The IPO will be the last stage in completing the private placement plan,”  he said in an official statement released today (03/27).
MNC Vision must be listed in the stock exchange as a way to have foreign investment. According to regulation, foreign ownership in Indonesia’s media industry is limited up to 20 per cent. But there’ a different condition for a public listed company which there is no limitation.
Previously, two investors are named to put its capital in MNC Vision Networks. They are Vivendi or Argyle Street. Vivendi was reported planning on having 50 per cent of MNC Vision shares in stages.
For the first stage, Vivendi will invest 20 per cent and the rest will be executed through IPO. The action is estimated to value around US$500 million.
Vivendi’ Canal+ planned to invest in two Global Mediacom’s ancillaries that work in paid-tv and internet services. Other than that, Canal+ is also negotiating to purchase 10 per cent of PT Media Nusantara Citra Tbk (IDX: MNCN) shares.
It doesn’t stop there. Canal+ will also buy 25 per cent of Global Mediacom or $550 million.
MNC Vision is Indonesia’ biggest pay tv company. In September 2018, its assets valued Rp8.91 trillion. It fell by 14.81 per cent compared to the same period in 2017.

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

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