Indonesia’s Visi Media says to remain controlling shareholder of Intermedia
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Indonesia’s PT Visi Media Asia Tbk on Wednesday said it plans to remain a controlling shareholder of PT Intermedia Capital Tbk, and is considering options such as replacing foreign-denominated debt with rupiah debt.
The media company, part of the Bakrie Group conglomerate, made the statement after the Indonesia Stock Exchange asked it to address reports in local media that said Visi Media planned to sell part of its stake in Intermedia Capital.
On Monday, Bisnis Indonesia quoted Visi Media President Director Anindya Bakrie as saying the company plans to sell a stake of less than 10 percent in Intermedia Capital to repay debt and raise funds for expansion.
Visi Media owned 90 percent of Intermedia Capital, which operates the ANTV television channel, as of November 2015, Thomson Reuters data showed.
Questions & Answers
Q.Why did Visi Media issue a statement about its ownership of Intermedia Capital?
Why did Visi Media issue a statement about its ownership of Intermedia Capital?
The Indonesia Stock Exchange asked Visi Media to respond to local media reports. These reports suggested that Visi Media intended to sell a portion of its stake in Intermedia Capital.
Q.What kind of stake sale was previously reported by local media?
What kind of stake sale was previously reported by local media?
Local media, specifically Bisnis Indonesia, quoted Visi Media's President Director as stating plans to sell a stake of less than 10 percent. This was intended for debt repayment and expansion funding.
Q.What is Visi Media's current strategy regarding its debt?
What is Visi Media's current strategy regarding its debt?
Visi Media is considering options to replace its foreign-denominated debt with rupiah debt. This is part of its plan while maintaining its controlling shareholder position in Intermedia Capital.
Q.Which television channel does Intermedia Capital operate?
Which television channel does Intermedia Capital operate?
Intermedia Capital operates the ANTV television channel. As of November 2015, Visi Media owned 90 percent of Intermedia Capital, according to Thomson Reuters data.