JAKARTA (TheInsiderStories) – Naver Corporation, a South Korean firm focuses on applications and content including LINE messenger has bought PT Elang Mahkota Teknologi Tbk (IDX” EMTK) or EMTEK shares. As reported, the media company has completed the private placement and raised Rp9.29 trillion (US$640.69 million).
Beside Naver, other investors involved in the transaction are American-based H Holdings Inc., and other well known local investors. Earlier, the issuer owned by Sariaatmadja family,issued 4.75 billion new shares with an exercise price of Rp1,954 a unit.
The shareholders not execute their rights diluting by 8.88 percent. After the transaction, Eddy Sariaatmadja’ ownerships in EMTEK decreased from 24.9 percent to 22.96 percent, Susanto Suwarto from 12.61 percent to 11.63 percent, PT Adikarsa Sarana 11.53 percent to 10.63 percent, Anthoni Salim from 9.08 percent to 8.38 percent, Pieter Tanuri from 8.84 percent to 8.15 percent, Archipelago Investment Pte. Ltd., from 8.06 percent to 7.43 percent, and PT Prima Visualindo from 7.49 percent to 6.9 percent.
The management said, the proceeds from the rights issue will be used for investment, expanding the company’ businesses, and to liquid the stock trading in the capital market. Earlier, the parent company of television stations, SCTV and Indosiar, also has split the nominal value of their shares from Rp200 to Rp20 a unit.
Last December, EMTEK also announced to extend the maturity of the mandatory convertible bond with the principal amount of $70 million. The subsidiary, PT Elang Andalan Nusantara, has signed an amendment with API (Hongkong) Investment Ltd., to extend the notes period from 12 to 24 months. 55 percent of the company owned by PT Kreatif Media Karya, one of the unit of the media company.
In the same year, its subsidiary, PT Kreatif Media Karya (KMK) also has sold the equivalent of 6 percent ownership in PT Elang Andalan Nusantara to third parties for Rp76 billion. After the sale, the unit’ ownership in Elang Andalan Nusantara dropped from 55 percent to 49 percent.
Last year, EMTEK posted a net profit of Rp2.05 trillion from net loss position in 2019 of Rp1.51 trillion. The net income also increased 8.21 percent to Rp 11.93 trillion from a year ago Rp11.03 trillion.
The subsidiary, PT Surya Citra Media Tbk (IDX: SCMA), booked a net profit Rp1.14 trillion in 2020, up 7.28 percent from the previous year Rp1.07 trillion even the net income fell 7.6 percent from Rp5.52 trillion to Rp5.10 trillion.
EMTEK is a media group and run two television stations Surya Citra Media and Indosiar. The company also managed online media, payment card and other digital businesses.
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