Linktone acquires Letang Game

Linktone Ltd, a subsidiary of PT Media Nusantara Citra (MNCN) Tbk, has acquired controlling stake of Letang Game Ltd, a private Chinese company specializing in mobile games and PC online games. Linktone acquired 50.01% shares of Letang for a total amount of USD9.15 million in cash. 

MNCN told IDX this morning that payment of USD2.56 million in cash will be made upon the closing of the acquisition and the balance will be payable in 2010 and 2011 subsequent to Letang's achievement of agreed upon certain financial and operational milestones.

Linktone Ltd is one of the leading providers of wireless interactive entertainment services to consumers in China. The company's stock is traded on Nasdaq, New York.

MNCN is controlled by Tanoesoedibyo family. The stock gained 2% to Rp245 this morning. But the stock has lost 23.4% its value since July 2009. MNCN is the parent company of RCTI, TPI, Okezone.com, etc.

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