Monday, November 13, 2006

Indosiar is for sale

To confirm my earlier reports, media published several statements from Indosiar management in the last few days about the possibility of other companies to acquire the ailing TV station previously controlled by Salim Group.

Indosiar is currently controlled by PT Indosiar Karya Media (IDKM) Tbk, listed at JSX. IDKM itself is owned by PT TDM Aset Manajemen (28.02%), PT Prima Visualindo SA C/F Credit Suisse Singapore (27.3%). Trimegah & Windsor also hold IDKM warrants 9% respectively.
In a report to JSX late last week, IDKM confirmed media reports that the company want to pay bonds due 2008 with bank loans (refinancing), rights issue, or the combination of both methods.
TransTV, controlled by Salim's business partner Chairul Tandjung, is said to acquire Indosiar. TransTV had previously acquired 50% shares in another ailing TV station, TV7, with the remains controlled by Jacob Oetama (Kompas Gramedia Group)

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